Business
CBN Introduces Consumer Protection Division
The Central Bank of Nigeria (CBN) has established a consumer Protection Division to address users’ complaints concerning banking and payment channels in the country.
This was disclosed by the CBN governor, Mr Sanusi Lamido Sanusi at a public function in Port Harcourt, recently.
According to the CBN boss, establishment of the new division was part of the apex bank’s new reform agenda to address new emerging challenges confronting banks and Nigerians in the banking sector.
He revealed that CBN would also be adopting a biometric authentication for point of sale (POS) and Automatic Teller Machines (ATMs) to address customers’ safety issues.
The step, he said, had become imperative in view of increasing challenges faced by customers.
The CBN boss explained that efforts to further strengthen the supervisory unit of the bank have been intensified to ensure that timely regulatory actions are taken by the standby teams of examiners.
Mr Sanusi also noted that a full-fledged risk management department has been set up in the bank to ensure aggressive capacity building for the adoption of International Financial Reporting Standard (IFRS) by the end of 2012.
According to him, efforts would be constandly made to review and adopt legal and regulatory frameworks that support stability of micro-finance banks, corporate governance principles, new prudential guidelines and Nigerian Uniform Bank Account Number (NUBAN) system. It is my hope that with these measures put in place, Nigeria’s banking sector will become more sophisticated and resilient and also restore the banking system thereby making it shareholders’ destination for investment”, he said.
Chris Oluoh