The Central Bank of Nigeria (CBN) has ordered banks, payment service banks and other regulated financial institutions to immediately withdraw all advertisements and promotional materials that fall short of established consumer-protection and fair-marketing standards.
The directive was contained in a circular dated 27 November 2025 and signed by Olubunmi Ayodele-Oni on behalf of the Director, Compliance Department.
According to the apex bank, the order followed a thematic industry review which revealed widespread inconsistencies in how financial institutions interpret disclosure, transparency and fair-marketing obligations under the Consumer Protection Regulations (2019) and the Guidelines on Advertisements by Deposit-Taking Financial Institutions (2000).
The CBN stated that several institutions continue to disseminate promotional content that exaggerates benefits, omits key product information, minimises or conceals risks, or references unaudited financial results. It warned that such practices mislead consumers, distort competition and threaten confidence in the financial system.
The regulator reiterated that all bank advertisements must be factual, balanced and transparent. It prohibited the use of comparative, superlative or de-marketing claims—whether direct or implied—and banned all chance-based promotional inducements, including lotteries, prize draws and lucky dips. Such tactics, it noted, could pressure consumers into decisions without fully understanding associated risks.
Under the strengthened compliance framework, financial institutions must now notify the CBN before releasing any advertisement or marketing material. The notification must detail the advert’s duration, creative format, proposed publication channels, target demographic and geographic segments, as well as written confirmation of internal approval by both compliance and legal departments.
Institutions are also required to present evidence that the product or service being advertised has already received CBN approval. However, the apex bank clarified that the notification process is strictly for monitoring and does not constitute endorsement of the advert. Banks will remain fully accountable for compliance with all regulatory requirements.
The CBN directed all institutions to immediately withdraw non-compliant advertisements. Additionally, within 30 days, they must submit a compliance attestation jointly signed by the Managing Director or Chief Executive Officer, the Executive Compliance Officer and the Chief Compliance Officer. The attestation must confirm that all current advertising and promotional practices meet regulatory and internal governance standards.
The apex bank announced that from January 2026, it will conduct a follow-up compliance review across the sector. Any institution found in violation of the rules will face sanctions as stipulated in the Banks and Other Financial Institutions Act (2020) and the Consumer Protection Regulations.
The CBN reaffirmed its commitment to promoting fairness, transparency and responsible marketing within the financial system.
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