The Central Bank of Nigeria has ordered all banks, payment service providers, and regulated financial institutions to immediately pull any advertisements or promotional materials that fail to meet consumer protection and fair-marketing standards.
The directive, issued on November 27, 2025, follows a thematic industry review that revealed widespread inconsistencies in how institutions comply with disclosure, transparency, and fair-marketing rules. The CBN noted that many adverts exaggerate benefits, omit key information, obscure risks, or rely on unaudited financial statements, practices that mislead customers, distort competition, and undermine trust in the financial system.
Under the tightened framework, all marketing materials must be factual, balanced, and transparent. Comparative or superlative claims and chance-based inducements such as lotteries, prize draws, and lucky dips are now prohibited, as they could pressure consumers into financial decisions without understanding risks.
Financial institutions must submit detailed notifications to the CBN before releasing any advert. This includes information on the advert’s duration, content, target audience, and internal clearance by compliance and legal teams. Evidence that the promoted product or service is CBN-approved is also required. The apex bank stressed that the notification does not amount to prior approval, leaving institutions fully responsible for compliance.
All non-compliant adverts must be withdrawn immediately. Within 30 days, banks must submit a compliance attestation signed by top management confirming adherence to regulatory and internal governance standards.
The CBN will conduct a follow-up review in January 2026, with sanctions applied to violators under the Banks and Other Financial Institutions Act 2020 and the Consumer Protection Regulations. The move reinforces the regulator’s commitment to fairness, transparency, and responsible marketing in Nigeria’s financial sector.
