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 violates 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 Compliance Department.
According to the apex bank, the move followed a thematic industry review which revealed widespread inconsistencies in how financial institutions interpret disclosure, transparency and fair marketing obligations under the Consumer Protection Regulations 2019 and the Guidelines on Advertisements by Deposit Taking Financial Institutions.
The CBN said its findings showed that many institutions continue to publish adverts that exaggerate benefits, omit key information, conceal risks or rely on unaudited financial statements.
It warned that such practices mislead customers, distort fair competition and undermine the integrity of the financial system.
The regulator stressed that all advertisements must be factual, balanced and transparent. It also prohibited the use of comparative, superlative or de marketing statements, whether direct or implied.
The bank further banned promotional inducements such as lotteries, lucky dips, prize draws and other chance based incentives, noting that these could pressure consumers into financial decisions without a proper understanding of the risks involved.
Under the new compliance framework, institutions are required to submit detailed notifications to the CBN before releasing any advertisement. This must include the advert duration, content, target audience, and confirmation of clearance by their compliance and legal departments. They must also show that the product or service being advertised has CBN approval.
The CBN directed all institutions to withdraw non compliant adverts immediately and submit a compliance attestation within 30 days.
It added that a follow up industry review will be conducted in January 2026, warning that sanctions will be applied to defaulters.
