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

World Bank Group

World Bank, Washington, DC

关键词: CONSUMER PROTECTION;    ACCOUNTABILITY;    REGULATORY FRAMEWORK;    REGULATION;    FINANCIAL PROTECTION;   

RP-ID  :  125964

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

While only 44 percent of adults inNigeria have an account at a formal financial institution,and only 2.5 percent have a mobile account, there are rapidinnovations in both traditional and digital financialservices that promote financial inclusion but also addcomplexity and risks for inexperienced consumers.Strengthening financial consumer protection (FCP) in Nigeriais therefore critical to ensure responsible and sustainablefinancial inclusion. This Diagnostic Review was conductedunder the joint World Bank and IMF program to strengthenNigeria's financial sector. The Central Bank of Nigeria(CBN) has already established a dedicated ConsumerProtection Department and developed a high-level FCPFramework, however there are many areas for improvement. TheReview analyzes the FCP regime in Nigeria's banking,non-bank financial institution (NBFI) and payment sectors,and offers tailored recommendations. Based on the 2017 WorldBank Good Practices for Financial Consumer Protection, thisassessment covers five topics in each of the abovementionedsectors: i) legal, regulatory, and supervisory framework;ii) disclosure and sales practices; iii) fair treatment andbusiness conduct; iv) data privacy; and v) disputeresolution mechanisms. The Review summarizes the keyfindings and recommendations and then discusses them in detail.