The Central Bank of Nigeria (CBN) has directed banks, payment service banks (PSB), and other financial institutions (OFI) to withdraw non-compliant advertisements.
In a letter on Thursday, signed by Olubunmi Ayodele-Oni, CBN’s director compliance department, the apex bank said the move followed a thematic review of advertising and promotional practices across the industry.
“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),” CBN said.
The apex bank, therefore, asked the financial institutions to “immediately withdraw advertisements and promotional materials that do comply with existing regulations”.
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To enhance consistency, uphold market integrity, and ensure consumers receive clear and accurate information, the CBN directed that all advertisements must be factual, balanced, and transparent.
“Claims that could mislead, obscure risks, or create unfair comparisons are prohibited,” the apex bank said.
“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.
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“Promotions that constitute inducement, such as lotteries, prize draws, lucky dips, or other chance-based incentives, are not allowed.”
According to the statement, any notification submitted to the CBN before an advertisement is released must specify the advert’s duration and timelines, the creative materials to be aired or published, and the intended demographic and geographic audience.
The statement noted that it must also include written confirmation of internal clearance by compliance and legal departments and “evidence that the underlying product or service has been approved by the CBN”.
“This notification is strictly for monitoring and does not constitute CBN approval or endorsement,” the apex bank said.
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“Institutions remain fully responsible for ensuring advertising compliance before notification and publication.”
To support smooth, industry-wide alignment with the standards, the bank asked the financial institutions to provide a compliance attestation within 30 days of the letter, jointly signed by “the managing director/chief executive officer, executive compliance officer, and chief compliance officer”.
The executives, CBN said, are to confirm that “all current advertising and promotional practices comply with applicable laws, regulations, and internal governance processes”.
From January 2026, the bank said it will undertake a “follow-up review and apply sanctions for any breaches, in line with BOFIA 2020 and the Consumer Protection Regulations”.
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