The Central Bank of Nigeria, CBN, has directed all banks, payment service banks and other financial institutions, OFIs, to immediately take down any advertisements or promotional content that violate established consumer-protection rules.
This instruction, issued in a circular dated Thursday, November 28 and endorsed by Olubunmi Ayodele-Oni, who heads the compliance department, follows a sector-wide thematic assessment of marketing and advertising standards.
The review, according to the apex bank, revealed variation in how institutions interpret and apply the disclosure, transparency and fair-marketing requirements contained in the Consumer Protection Regulations (2019) and the Guidelines on Advertisements by Deposit-Taking Financial Institutions (2000).
To close these gaps, the CBN has ordered institutions to remove all non-compliant material and ensure that subsequent promotions are factual, balanced and transparent.
The regulator further warned against misleading messaging, including exaggerated claims, partial disclosures, unaudited performance figures, and comparative or superlative language that could constitute de-marketing of competitors.
Also prohibited are promotional incentives such as lotteries, prize draws, lucky dips or any form of chance-based inducements.
Institutions required to submit adverts for prior notification must provide details such as campaign duration, creative assets, timelines, target demographics, legal and compliance clearance, as well as evidence that the relevant product or service has already received CBN approval.
The circular emphasised that such notifications are strictly for monitoring and do not constitute CBN approval or endorsement, noting that financial institutions bear full responsibility for regulatory compliance before publishing any advert.
The CBN has also instructed all concerned entities to file a compliance attestation within 30 days, signed jointly by the chief executive, executive compliance officer and chief compliance officer, confirming adherence to all applicable rules.
From January 2026, the regulator will begin a fresh review and apply penalties for violations, as provided under the Banks and Other Financial Institutions Act, BOFIA, 2020 and the Consumer Protection Regulations.
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