Federal Republic of Nigeria Diagnostic Review of Financial Consumer Protection : Key Findings and Recommendations
While only 44 percent of adults in Nigeria have an account at a formal financial institution, and only 2.5 percent have a mobile account, there are rapid innovations in both traditional and digital financial services that promote financial inclusio...
| Main Author: | |
|---|---|
| Format: | Report |
| Language: | English |
| Published: |
World Bank, Washington, DC
2018
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/820711525451341303/Nigeria-Diagnostic-review-of-financial-consumer-protection-key-findings-and-recommendations http://hdl.handle.net/10986/29827 |
| Summary: | While only 44 percent of adults in
Nigeria have an account at a formal financial institution,
and only 2.5 percent have a mobile account, there are rapid
innovations in both traditional and digital financial
services that promote financial inclusion but also add
complexity and risks for inexperienced consumers.
Strengthening financial consumer protection (FCP) in Nigeria
is therefore critical to ensure responsible and sustainable
financial inclusion. This Diagnostic Review was conducted
under the joint World Bank and IMF program to strengthen
Nigeria's financial sector. The Central Bank of Nigeria
(CBN) has already established a dedicated Consumer
Protection Department and developed a high-level FCP
Framework, however there are many areas for improvement. The
Review analyzes the FCP regime in Nigeria's banking,
non-bank financial institution (NBFI) and payment sectors,
and offers tailored recommendations. Based on the 2017 World
Bank Good Practices for Financial Consumer Protection, this
assessment covers five topics in each of the abovementioned
sectors: i) legal, regulatory, and supervisory framework;
ii) disclosure and sales practices; iii) fair treatment and
business conduct; iv) data privacy; and v) dispute
resolution mechanisms. The Review summarizes the key
findings and recommendations and then discusses them in detail. |
|---|