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Home Finance | Insurance | Pension

CBN Unveils Bank Customers’ Bill of Rights, Obligations

EconomyFoot Print by EconomyFoot Print
August 17, 2025
in Finance | Insurance | Pension, News, Top News
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The Central Bank of Nigeria (CBN) has formally released the Bank Customers’ Bill of Rights and obligations to the public.

The document, described the customer as the most important person in the economy and every business succeeds only when the customer is happy.

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The report, released at the “CBN Fair” held in Lagos, indicated that a bank customer has a right to be informed, right to choose, right to safety, right to privacy and confidentiality, and the right to redress.

The fair had the theme: “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development”, 

The Bill of Rights said the customer has a right to good service, right to equality and right to free monthly statement of account.

On the other hand, the report listed certain obligations that a customer owes to his or her bank. They include duty to financial obligations, duty to protect instruments and information, duty to provide factual information and not to mislead the bank, duty to report suspected fraud or error and duty of personal safety and safety of assets. 

Describing the customer as a king, it said: “As a king, the customer has many rights. But a king also has duties which he owes himself and the society. In Nigeria, customers of banks have certain rights and duties guaranteed by law, regulation and conventions”.

The report disclosed that a bank customer, has a right to disclosure of information from his/her bank on products and services the bank offers.

 “The information provided must be complete, relevant and truthful. Your bank must explain to your understanding all contractual terms and charges prior to the consummation of any agreement or contract. This right enables you to have relevant information in order to make rational choices. It amounts to a breach of right if your bank fails to provide this information or deliberately misleads you in anyway,” it said.

According to the apex bank, bank customers also have a right to select from the range of products and services made available by your bank at competitive prices.

 “This means that as a customer, you can, at all times, decide on the product or service to accept/purchase and the ones to decline. It is wrong for a bank to restrict your choices or compel you to accept/purchase products or services that are ill-suited for your needs. Where you are not satisfied with your bank’s service delivery on any product or service, you have the right to end the contract or even the banking relationship provided you settle all outstanding commitments,” it said.

The CBN explained that the right to safety requires a bank to guarantee all its customers a secure and conducive banking environment devoid of threats to their safety and health.

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