The Central Bank of Nigeria has directed all banks and other regulated financial institutions to remove any advertisement or promotional material that fails to meet required consumer-protection and fair-marketing standards.
The directive follows a compliance review that identified widespread irregularities in how institutions present product information, risk disclosures and promotional claims.
According to the regulator, several institutions continue to promote products using exaggerated claims, incomplete disclosures and marketing practices that do not reflect the true nature or risk profile of the services being advertised.
The CBN stated that such practices mislead consumers, distort market competitiveness and weaken confidence in the financial system.
Under the strengthened compliance framework, financial institutions are now required to ensure that every form of advertisement is factual, balanced and transparent. Marketing content must accurately reflect fees, terms and benefits without masking essential information.
The CBN also emphasised that the use of superlative comparisons, indirect de-marketing statements or unverifiable claims will not be permitted.
The directive also prohibits promotional incentives that could pressure customers into hasty financial decisions, including lotteries, prize draws and other chance-based inducements tied to account openings or product subscriptions.
The regulator noted that such schemes often influence consumer behaviour without providing adequate clarity on obligations and associated risks.
As part of the new requirements, institutions must notify the CBN before releasing any new advertisement.
The notification must include the campaign duration, the creative material to be published, the target market and documented confirmation that internal legal and compliance teams have reviewed and cleared the content.
Institutions must also provide proof that the underlying product or service being advertised has already received regulatory approval.
The CBN clarified that the notification process is solely for oversight and does not amount to pre-approval of advertising materials.
Banks and other financial institutions will remain fully accountable for ensuring that their marketing activities comply with all existing regulations and internal governance structures.
The apex bank instructed all institutions to withdraw any advert that does not meet the specified standards and to file a compliance attestation within 30 days.
The attestation must be jointly signed by the Chief Executive Officer, the Executive Compliance Officer and the Chief Compliance Officer, confirming that all current promotional practices align with regulatory expectations.
The CBN also disclosed that it will commence a follow-up industry review in January 2026 to assess compliance levels.
Institutions found to be in violation will face sanctions under applicable laws, including the Banks and Other Financial Institutions Act and the Consumer Protection Regulations.
The regulator reaffirmed its commitment to promoting fair conduct, responsible marketing and transparent product disclosures across the financial sector.