The Central Bank of Nigeria (CBN) has advised banks and other financial institutions to be transparent in their dealings in order to build customers’ confidence.
Mr Kofo Salam-Alada, the Director, Consumer Protection Department of CBN said Nigerian banks and other financial institutions rendering financial services must be transparent and ensure fair treatment to customers.
“For banks to keep their customers and ensure they remain in business, there is the need to build confidence of customers and ensure that they are happy with the services provided by the banks.
“What we are doing here is to help the business of the banks and our expectation is that at certain stage, the regulators will have less to do in terms of market conduct.
“A satisfied customer goes out to advertise the bank because to me, good treatment of customers should be the best advertisement for banking business, capital market, and Insurance among others.
“If thousands or millions of bank’s customers decide to withdraw their money from a particular bank, it will affect the health of such bank,” he said.
The director said that due to what happened in the past in the sector, had made the apex bank to put measures in place to ensure that consumers of financial services were protected.
He said that investigations CBN had shown that the neglect of customers had contributed to the global financial crisis experienced worldwide in 2007 and 2008.
Salam-Alada assured all customers of financial institutions in the country that CBN would ensure that all their investments were protected.
He also advised the banks to stick to the rules and operate within the confines of set out financial regulations.
According to him, CBN will not leave any stone unturned to grow their businesses and will continue to put necessary regulations in place for them to thrive.