Banks, payment service banks (PSB), and other financial institutions (OFI) have been ordered by the Central Bank of Nigeria (CBN) to remove non-compliant ads.
The CBN stated in a letter signed on Thursday by Olubunmi Ayodele-Oni, Director of CBN’s Compliance Department, that the action came after a thematic analysis of industry-wide advertising and promotional strategies. It partly reads: “The review observed variation in how institutions interpret and apply the disclosure, transparency, andn fair-marketing requirements contained in the Consumer Protection Regulations (2019) and the Guidelines on Advertisements by Deposit-Taking Financial Institutions(2000).”
As a result, CBN requested that the banks: “Immediately withdraw advertisements and promotional materials that do comply with existing regulations.”
Continuing, the CBN mandated that all advertisements be factual, balanced, and transparent in order to improve consistency, preserve market integrity, and guarantee that consumers receive clear and accurate information. It stated: “Claims that could mislead, obscure risks, or create unfair comparisons are prohibited.
“Institutions must not exaggerate benefits, omit material information, or reference unaudited financial statements Comparative, superlative, or de-marketing statements (direct or implied) are not permitted. Promotions that constitute inducement, such as lotteries, prize draws, lucky dips, or other chance-based incentives, are not allowed,” it added.
Any notification sent to the CBN prior to the release of an advertisement, the statement states, must include the time and duration of the advertisement, the creative materials that will be published or aired, and the target demographic and geographic audience. It states that it must also contain “evidence that the underlying product or service has been approved by the CBN,” as well as written confirmation of internal clearance from the legal and compliance departments, BrandSpur banking and finance news desk reports.
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According to the statement: “This notification is strictly for monitoring and does not constitute CBN approval or endorsement. Institutions remain fully responsible for ensuring advertising compliance before notification and publication.”
The bank requested that the financial institutions submit a compliance attestation, jointly signed by the Managing Director/Chief Executive Officer, Executive Compliance Officer, and Chief Compliance Officer, within 30 days of the letter to facilitate a seamless, industry-wide alignment with the standards. Their role is to confirm that “all current advertising and promotional practices comply with applicable laws, regulations, and internal governance processes.”
In accordance with BOFIA 2020 and the Consumer Protection Regulations, the bank stated that it will conduct a follow-up review and apply sanctions for any breaches starting in January 2026.
