Federal Republic of Nigeria Diagnostic Review of Financial Consumer Protection : Key Findings and Recommendations

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...

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Bibliographic Details
Main Author: World Bank Group
Format: Report
Language:English
Published: World Bank, Washington, DC 2018
Subjects:
CONSUMER PROTECTION
ACCOUNTABILITY
REGULATORY FRAMEWORK
REGULATION
FINANCIAL PROTECTION
DISPUTE RESOLUTION
TRANSPARENCY
BUSINESS CONDUCT
PRIVACY
DATA PROTECTION
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
id okr-10986-29827
recordtype oai_dc
spelling okr-10986-298272021-05-25T09:14:32Z Federal Republic of Nigeria Diagnostic Review of Financial Consumer Protection : Key Findings and Recommendations World Bank Group CONSUMER PROTECTION ACCOUNTABILITY REGULATORY FRAMEWORK REGULATION FINANCIAL PROTECTION DISPUTE RESOLUTION TRANSPARENCY BUSINESS CONDUCT PRIVACY DATA PROTECTION 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. 2018-05-15T19:03:22Z 2018-05-15T19:03:22Z 2017-06 Report http://documents.worldbank.org/curated/en/820711525451341303/Nigeria-Diagnostic-review-of-financial-consumer-protection-key-findings-and-recommendations http://hdl.handle.net/10986/29827 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work :: Other Financial Accountability Study Economic & Sector Work Africa Nigeria
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
topic CONSUMER PROTECTION
ACCOUNTABILITY
REGULATORY FRAMEWORK
REGULATION
FINANCIAL PROTECTION
DISPUTE RESOLUTION
TRANSPARENCY
BUSINESS CONDUCT
PRIVACY
DATA PROTECTION
spellingShingle CONSUMER PROTECTION
ACCOUNTABILITY
REGULATORY FRAMEWORK
REGULATION
FINANCIAL PROTECTION
DISPUTE RESOLUTION
TRANSPARENCY
BUSINESS CONDUCT
PRIVACY
DATA PROTECTION
World Bank Group
Federal Republic of Nigeria Diagnostic Review of Financial Consumer Protection : Key Findings and Recommendations
geographic_facet Africa
Nigeria
description 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.
format Report
author World Bank Group
author_facet World Bank Group
author_sort World Bank Group
title Federal Republic of Nigeria Diagnostic Review of Financial Consumer Protection : Key Findings and Recommendations
title_short Federal Republic of Nigeria Diagnostic Review of Financial Consumer Protection : Key Findings and Recommendations
title_full Federal Republic of Nigeria Diagnostic Review of Financial Consumer Protection : Key Findings and Recommendations
title_fullStr Federal Republic of Nigeria Diagnostic Review of Financial Consumer Protection : Key Findings and Recommendations
title_full_unstemmed Federal Republic of Nigeria Diagnostic Review of Financial Consumer Protection : Key Findings and Recommendations
title_sort federal republic of nigeria diagnostic review of financial consumer protection : key findings and recommendations
publisher World Bank, Washington, DC
publishDate 2018
url http://documents.worldbank.org/curated/en/820711525451341303/Nigeria-Diagnostic-review-of-financial-consumer-protection-key-findings-and-recommendations
http://hdl.handle.net/10986/29827
_version_ 1764470489542033408

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