The Central Bank of Nigeria(CBN) has issued a strong warning asking all banks, payment service banks, and other regulated financial institutions to immediately withdraw any advertisement or promotional material that does not comply with established consumer-protection and fair-marketing standards.
This directive, which was included in a circular released on Thursday and signed by Olubunmi Ayodele-Oni on behalf of the Director of the CBN’s Compliance Department, comes after a thematic industry review that found numerous discrepancies in the way institutions interpret their obligations under the 2000 Guidelines on Advertisements by Deposit-Taking Financial Institutions and the Consumer Protection Regulations 2019 regarding disclosure, transparency, and fair marketing.
The investigation, according to the apex bank, revealed that numerous organisations still release advertisements that rely on unaudited financial statements, conceal dangers, omit important details, or overstate benefits.
The CBN further cautioned that such actions compromise the integrity of the financial system, mislead consumers, and distort market competition.
The regulator underlined that all advertisements must be truthful, impartial, and open.
It cautioned that direct or indirect comparison, superlative, or de-marketing remarks are strictly forbidden.
Additionally, it outlawed promotional inducements like prize draws, lotteries, lucky dips, and other chance-based incentives, pointing out that these kinds of programs could force customers to make financial decisions without fully comprehending the dangers involved.
“New compliance steps for all advertisements. Under the tightened framework, financial institutions must now submit detailed notifications to the CBN before releasing any advert or marketing material.
“The notification must include the duration of the advert, creative content to be aired or published, intended demographic and geographic targets, and written confirmation of internal clearance by both the compliance and legal departments.
“Institutions are also required to provide evidence that the underlying product or service being advertised has already been approved by the CBN,” the statement read.
The apex bank emphasised that banks and other financial institutions would continue to bear full responsibility for guaranteeing complete compliance with all rules and regulations, stressing that this notification process is merely for monitoring and does not equate to prior approval or sponsorship of the advertisement.
The regulator stressed that all institutions must submit a compliance attestation jointly signed by the Chief Compliance Officer, the Executive Compliance Officer, and the Managing Director or Chief Executive Officer within 30 days, and instructed them to immediately withdraw any advertisement that does not adhere to the standards.
“This attestation must confirm that all current advertising and promotional practices meet regulatory requirements and internal governance rules,” the statement added.
The CBN announced that from January 2026, it will carry out a follow-up review to assess the level of compliance across the industry.
“Sanctions will be applied to any institution found violating the rules, in line with the Banks and Other Financial Institutions Act 2020 and the Consumer Protection Regulations,” the statement added.
The apex bank reaffirmed its commitment to promoting fairness, transparency, and responsible marketing practices in the financial system.
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