The Central Bank of Nigeria (CBN) has ordered banks, payment service banks, and other financial institutions to immediately withdraw any advertisements or promotional materials that fall short of regulatory standards, following a sector-wide review that uncovered misleading and non-transparent marketing practices.
In a circular dated 27 November, signed by Olubunmi Ayodele-Oni, for the director of the bank’s compliance department, it said it found adverts that exaggerated benefits, obscured risks or omitted key information required under the Consumer Protection Regulations 2019 and the Guidelines on Advertisements by Deposit-Taking Institutions.
The regulator also banned promotions that constitute inducement, including lotteries, prize draws and similar incentives, and prohibited comparative or de-marketing claims that could distort competition.
The circular clarified that all advertisements must be factual, balanced, and transparent, and that institutions must now notify the CBN before publishing any marketing material, including details on timelines, target audience, creative content, and internal compliance clearance.
“This notification is strictly for monitoring and does not constitute CBN approval or endorsement,” the bank said.
Institutions have been given 30 days to submit a compliance attestation jointly signed by their chief executive and senior compliance officers.
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The CBN will begin a follow-up review in January 2026 and apply sanctions for breaches under BOFIA 2020.
The directive comes amid heightened regulatory scrutiny of consumer-facing financial products, following a rise in customer complaints and concerns over the aggressive digital marketing practices of banks and fintechs.
The CBN said the new requirements aim to strengthen transparency and market integrity across the sector.
