The Central Bank of Nigeria (CBN) has directed all commercial banks and financial institutions to promptly notify customers on all transactions on their accounts as part of their contractual obligations.
The CBN in the consumer protection framework guidelines on disclosure and transparency sets out the minimum standards expected from Financial Institutions on consumer protection disclosure and transparency.
The apex bank said that financial institutions should ensure that transaction narrations in account statements and transaction notifications are clear; stating the nature of the transaction, date, payer or payee, transaction channel and location.
Besides, the transaction narrations in account statements must state clearly the nature of the transaction, date, payer or payee, transaction channel and location.
The guidelines stated that institutions shall Provide consumer with monthly statements of account for all products and account types, including loan accounts, special accounts and other associated accounts at no cost to the consumer.
CBN also added that financial institutions should bear all costs associated with disclosures to customers required by the Guidelines except for deposits and withdrawals by or on behalf of the customer.
“Failure to comply with the provisions of the Guidelines shall attract regulatory sanctions provided for by the CBN Act, the BOFIA, other laws and regulations”.