CBN urges customers to be critical of bank products and services

ENUGU – The Central Bank of Nigeria (CBN) on Tuesday appealed to customers of banks in the country to be critical of products and services presented by the banking community.

A Deputy Manager of the apex bank, Mrs Ifechukwu Chiobi, made the appeal in Enugu during a Consumer Sensitisation Workshop on Financial Literacy organised by the CBN.

She said the banking environment was awash with products and services that could be misleading.

She added that customers needed to make informed choices before dabbling into any of such services.

“The relationship between banks and customers is contractual under the law and you will be held responsible for certain actions you take.

“As customers, you are not to allow infringements on your rights and you will be held responsible for certain actions you take,” she said.

Chiobi, who spoke on “Rights and Duties of Bank Customers”, said that it was the duty of customers to get detailed information on available services.

“So, you need to ask indepth questions before going in for any product or service no matter how stupid your banker thinks such questions are.

“Such products or services may have hidden clauses which you may not have seen and they will turn back to haunt you in the future.

“You have the right to choose what you want and if you choose wrongly you will regret it,” she said.

Chiobi said that the CBN was poised to protect customers from undue exploitation by their banks.

Meanwhile, the Director, Consumer Protection Department of the apex bank, Hajiya Umma Dutse, said the financial inclusion policy of the CBN was a major factor to economic growth.

Dutse, who was represented by Hajiya Khadijat Kasim, said that the policy was aimed at making Nigeria one of the top 20 economies of the world by the year 2020.

“A major component of this strategy is the Financial System Strategy 2020, geared towards ensuring stability,” she said.

She said the CBN hosted a meeting of regulators from 20 developing economies in 2011 and made commitments to reduce the number of Nigerians excluded from the formal financial system.