CBN orders banks, PSBs, OFIs to withdraw non-compliant advertisements

The Central Bank of Nigeria (CBN) has ordered banks, payment service banks (PSBs) and other financial institutions (OFIs) to immediately withdraw all advertisements and promotional materials that do not comply with existing consumer-protection regulations.

The directive was contained in a circular dated Thursday and signed by Olubunmi Ayodele-Oni, director of the bank’s compliance department. The CBN said the order followed a thematic review of advertising and marketing practices across the financial sector.

According to the regulator, the review showed “variation in how institutions interpret and apply the disclosure, transparency and fair-marketing requirements” in the Consumer Protection Regulations (2019) and the Guidelines on Advertisements by Deposit-Taking Financial Institutions (2000).

To address the lapses, the apex bank instructed institutions to pull down all non-compliant adverts and ensure that future marketing materials are “factual, balanced and transparent”.

The bank prohibited claims that could mislead consumers or obscure risks, including exaggerated benefits, incomplete information, unaudited financial statements and any comparative or superlative language that may amount to de-marketing competitors.

It also banned promotional inducements such as lotteries, prize draws, lucky dips and other chance-based incentives.

Financial institutions submitting adverts for prior notification must include the intended duration, timelines, creative materials, target audience, and written confirmation of internal clearance by legal and compliance departments, as well as proof that the underlying product or service has been approved by the CBN.

The bank stressed that such notifications “are strictly for monitoring and do not constitute CBN approval or endorsement”, adding that institutions remain fully responsible for ensuring adherence before publication.

The CBN asked all affected institutions to submit a compliance attestation within 30 days, jointly signed by the managing director or chief executive, executive compliance officer and chief compliance officer, confirming full alignment with applicable regulations.

Beginning January 2026, the apex bank said it will conduct a follow-up review and impose sanctions for any breaches, in line with the Banks and Other Financial Institutions Act (BOFIA) 2020 and the Consumer Protection Regulations.