The Right to Be Informed is one of the fundamental consumer protection rights enshrined in Nigerian banking regulations. Under the Central Bank of Nigeria (CBN) Consumer Protection Framework, banks and other financial institutions are legally obligated to provide customers with complete, accurate, and understandable information about their products, services, fees, and contractual terms before any agreement is finalized.

This right empowers customers to make informed financial decisions based on transparency rather than marketing hype or hidden terms. When a bank fails to disclose material information or deliberately misleads a customer, it constitutes a violation of this right and may be grounds for regulatory action or compensation.

CBN Consumer Protection Framework (2016): Mandates full disclosure of terms, fees, and charges before account opening or loan disbursement

Banks and Other Financial Institutions Act (BOFIA) 2020: Empowers CBN to sanction institutions that engage in unfair or deceptive practices

Nigerian Data Protection Regulation (NDPR): Requires disclosure of how customer data will be used