The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs), Payment Service Banks (PSBs) and Other Financial Institutions to immediately withdraw all advertisements and promotional materials that do not comply with existing regulations.
The apex bank, which gave the directive in a letter to the financial institutions posted on its website on Thursday, also directed them to submit to it within thirty days of the letter, a “compliance attestation jointly sighed by the Managing Director/Chief Executive Officer, Executive Compliance Officer and Chief Compliance Officer, confirming that all current advertising and promotional practices comply with applicable laws, regulations and internal governance processes.”
According to the circular, the CBN will, beginning from January 2026, “undertake a follow-up review and apply sanctions for any breaches in line with BOFIA 2020 and the Consumer Protection Regulations.”
The CBN explained that the directive was occasioned by a thematic review of advertising and promotional practices across the industry which it recently concluded.
It stated that the review, “observed 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).”
The regulator clarified that all advertisements must be “factual, balanced and transparent,” stressing that, “claims that could mislead, obscure risks, or create unfair comparisons are prohibited.”
It also reiterated that: “Institutions must not exaggerate benefits, omit material information or reference unaudited financial statements.”
Other clarifications made by the CBN include that, “Comparative, superlative, or de-marketing statements (direct or implied) are not permitted (and) promotions that constitute inducement, such as lotteries, prize draws, lucky dips, or other chance-based incentives are not allowed.”
It emphasised that, “institutions remain fully responsible for ensuring advertising compliance before notification and publication.”
