As a customer of a bank and other financial institution under the supervision of the Central Bank of Nigeria CBN. Your rights which forms part of the bedrock of your relationship with your bank are well spelt out in the CBN Customer Protection Framework CPF.
These rights which are meant to enhance confidence in the financial system is expected to protected by all stakeholders in the financial system. The stakeholders includes: the customers, financial institutions, the Consumer Protection Council and the CBN.
As a stakeholder in the financial system, all bank customer should be aware of his rights and be willing to take up his responsibilities and also be willing to take actions against infringement on such privileges.
Here are the rights of a bank customer as contained in the CPF.
- The right to be informed – It is within your right as a bank customer that your bank should provide timely and adequate information for you to be able to make informed decision. This right includes and not limited to new product being lunched, change to existing product that you may or may not be enjoying, change in interest rates on loans and deposits, change in closing hours and operation time, and so on.
- The right to education – Apart from being informed of the latest happenings in the bank products and services. It is also the bank’s responsibility to provide you with the knowledge you require to make informed and confident decision about those products that will enhance your economic wellbeing.
- The right to choose – It is within your right as a bank customer to be allowed freedom to choose among the varieties of products and services offered by the bank. No bank should force any of its products on any customer. As a customer, you also have the right to opt out of any products or services you anytime provided the outstanding obligations have been settled.
- The right to safety – It is the responsibility of your financial institution to provide a conducive business environment both online and offline for you to transact without fear or favor. Your bank’s platforms and channels must be safe from fraud and infringes.
- The right to confidentiality – It is your bank responsibility to protect all your information from unauthorized access and disclosures. Except with you permission, details such as your bank balance, bank statements and all other operations on your account should be protected at all times.
- The right to redress – The bank is expected to provide all its customers an efficient mechanism for settlement of claims and disputes. The avenues for redress is expected to accommodate language and cultural diversity. Including varieties of customers young and old, literate and illiterate, able and disabled and so on.
- The right to be treated fairly – It is your right to be treated fairly irrespective of dispute or disagreement between you and your bank. Your religion, tribe, political affiliation, gender, age, physical ability or level of your financial literacy should not debar getting fair treatment from your bank. It should however be noted that certain bank product packages come with some special privileges
Source: CBN CPF.
