The Central Bank of Nigeria (CBN) has issued a notice of warning to deposit banks to ensure full compliance with the e-payment product guidelines.
The Apex bank noted that ignoring the rules guiding e-payment product development will henceforth attract sanctions.
In its new rules tagged “Digital Financial Services Awareness Guidelines,” released, weekend, the CBN said it is primarily packaged to ensure that customers get value for their deposits.
According to the financial regulator, banks should first seek its approval for their e-payment product and service development.
The apex bank said the directive aligns with the digital financial services awareness scheme meant to bridge the gaps in consumer knowledge and practices for e-products.
It also directed the financial institutions to submit developed educational materials to its Director of Consumer Protection for review.
“Develop and deliver educational materials to prospective and existing customers through basic channels such as Short Message Service (SMS), Unstructured Supplementary Service Data (USSD), and at agent locations. In addition to App, web, and social media platforms and submit developed educational materials to the Director of Consumer Protection, CBN for review.”
The CBN said digital financial services have the potential to expand access to financial services for the Nigerian population and spur innovation in the financial service industry.
It said: “The guidelines provide for a set of principles and expectations for financial service providers to integrate with the provision of digital financial services to ensure consumer understanding, good treatment, and positive outcomes.
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