CBN Consumer Protection Regulation - Fair Treatment of Consumers

3.1 GENERAL PROVISIONS: Institutions shall comply with the following provisions to ensure fair treatment of consumers:

3.1.1 Treat consumers equitably without bias at all stages of the relationship.

3.1.2 Give consumers who meet the minimum legal and non – discriminatory eligibility requirements, equal access to basic services without regard to their social status, physical ability, marital status, gender, age, religion, tribe or ideology.

3.1.3 Consider the needs of the financially excluded, including the vulnerable groups such as low-income consumers, women, seniors, physically challenged and the non-literate in the development and implementation of their business models, strategies and processes.

3.2 EQUITY: It shall be the duty of Institutions to treat consumers equitably always. Therefore, Institutions shall:

3.2.1 Treat consumers with courtesy and respect and shall not engage in practices such as threats, intimidation, use of abusive or offensive language, humiliation, misrepresentation, deception or unfair inducements.

3.2.2 Apply lending fees on disbursed amounts only in respect of term loans, except for fees which are normally applicable on undisbursed portions.

3.2.3 Apply non-credit related fees/charges on an account only to the extent of the balance in the account, and defer the outstanding fees/charges until the account is funded and the customer notified of the deferred fees/charges.