By RismadarVoice Reporter, November 28, 2025
The Central Bank of Nigeria has directed all banks, payment service banks, and other regulated financial institutions to immediately withdraw any advertisement or promotional material that fails to meet established consumer-protection and fair-marketing standards.
The directive was contained in a circular issued on Thursday and signed by Olubunmi Ayodele-Oni on behalf of the Director of the CBN’s Compliance Department.
It follows a thematic industry review that uncovered widespread inconsistencies in how financial institutions interpret disclosure, transparency, and fair-marketing obligations under the Consumer Protection Regulations 2019 and the 2000 Guidelines on Advertisements by Deposit-Taking Financial Institutions.
According to the CBN, many institutions continue to publish adverts that exaggerate benefits, omit crucial information, obscure risks or rely on unaudited financial statements.
The apex bank warned that such practices mislead customers, distort competition and undermine the integrity of the financial system.
It emphasised that all adverts must be factual, balanced, transparent and free of ambiguity.
Comparative or superlative claims whether direct or implied as well as de-marketing statements are now expressly prohibited.
The bank also banned promotional inducements such as lotteries, lucky dips, prize draws and other chance-based incentives that may pressure consumers into financial decisions without a clear understanding of the associated risks.
Under the tightened compliance framework, financial institutions must now submit detailed notifications to the CBN before releasing any advert or marketing material.
The notification must include the duration of the advert, creative content to be published or aired, demographic and geographic targets, and written confirmation of internal clearance by compliance and legal departments.
Institutions must also provide evidence that the underlying product or service has already been approved by the CBN.
However, the apex bank clarified that the notification requirement does not amount to prior approval or endorsement of adverts, stressing that banks remain fully responsible for ensuring compliance with all rules.
The CBN ordered all institutions to immediately withdraw any non-compliant advert and, within 30 days, submit a compliance attestation jointly signed by the Managing Director or Chief Executive Officer, the Executive Compliance Officer and the Chief Compliance Officer.
The attestation must confirm that all current advertising practices meet regulatory standards and internal governance rules.
The regulator announced that beginning January 2026, it will conduct a follow-up industry-wide review to assess compliance levels.
Institutions found violating the rules will face sanctions in line with the Banks and Other Financial Institutions Act 2020 and the Consumer Protection Regulations.
The Central Bank reiterated its commitment to promoting fairness, transparency and responsible marketing practices across the financial system.
