CBN orders withdrawal of Non-Complaint Banking Advertisements
The Central Bank of Nigeria has issued a sweeping directive requiring all Deposit-Money Banks (DMBs), Payment Service Banks (PSBs), and other regulated financial institutions to immediately withdraw any advertisement or promotional material deemed non-compliant with existing consumer-protection and marketing regulations.
Under the directive, advertisements must from now on be factual, balanced, and transparent. Specifically banned are claims that exaggerate benefits, omit important information or risks, reference unaudited financial statements, or use comparative or superlative language to de-market competitors
The use of inducements such as lotteries, prize draws, lucky dips, or other chance-based incentives is also prohibited, as these practices are seen as capable of influencing customers into hasty or ill-informed financial decisions.
To ensure compliance going forward, all regulated institutions must submit to the CBN a “compliance attestation” within 30 days. This attestation must be jointly signed by the bank’s Managing Director/Chief Executive Officer, Executive Compliance Officer, and Chief Compliance Officer. The attestation will affirm that all active adverts and promotional practices fully align with applicable regulations.
Starting January 2026, the CBN will begin follow-up reviews. Any institution found to be in breach will face sanctions under the Banks and Other Financial Institutions Act 2020 (BOFIA) and the Consumer Protection Regulations 2019.
With this directive, the CBN reinforces its commitment to consumer protection, transparency, and ethical marketing in Nigeria’s financial sector. The move is expected to restore discipline in financial advertising and reduce the risk that customers are misled by exaggerated or incomplete claims.
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