CBN Orders Banks to Halt Misleading Ads, Warns of Penalties

The Central Bank of Nigeria (CBN) has directed commercial banks to immediately withdraw misleading advertisements that distort customer expectations and violate consumer protection rules. The CBN warned against incomplete information, unrealistic guarantees, and non-disclosure of terms in ads promoting financial services.

Banks failing to comply face regulatory penalties. This move aims to rebuild consumer confidence, ensure transparency, and promote fair competition in the digital banking sector amid rapid expansion.

The CBN emphasizes the need for clear and accurate promotional messages to protect vulnerable consumers.