CBN LAUNCHES EXPOSURE DRAFT ON DIGITAL FINANCIAL SERVICES, AWARENESS GUIDELINES
By Doyinsola .T. Omomowo Esq
The Central Bank of Nigeria (CBN) on July 5, 2022, launched draft on Digital Financial Services Awareness Guidelines which seek amongst others to enhance transparency and proper disclosure of Digital Financial Services (DFS) among financial institutions and payment service providers, set Digital Financial Literacy (DFL) standards for Digital Financial Services Providers (DFSP), align product development, promotion, and consumer awareness to DFS amongst DFSP.
The apex bank in line with its statutory denoted duties, mandated deposit money banks (DMBs), merchant banks, Other Financial Institutions (OFIs), Payment Service Banks (PSB) and other payment service institutions to create and promote DFS awareness in local languages through more simplified channels such as audio and virtual communication, ease in accessibility, fraud prevention and risk management capabilities, redress and complaints handling while protecting data and privacy rights of consumers.
There is no gainsaying that this regulatory framework is embedded with positive efforts in enhancing DFL, consumer education materials of DFSP, CBN policy of financial inclusion among others. The regulator must now ensure financial institutions and stakeholders meet the set objectives of the guidelines through structured implementation and enforcement.
Disclaimer: This news update is intended only to provide general information and does not by itself constitute or serve as legal advice for further information; we are available to provide detailed legal advice. For more information contact us on info@asalawpractice.org or call 0 908 4820000, 0806 7498777