publication . Report . 2017

Federal Republic of Nigeria Diagnostic Review of Financial Consumer Protection : Key Findings and Recommendations

World Bank Group;
Open Access English
  • Published: 01 Jun 2017
  • Publisher: World Bank, Washington, DC
  • Country: United States
Abstract
While only 44 percent of adults in Nigeria have an account at a formal financial institution, and only 2.5 percent have a mobile account, there are rapid innovations in both traditional and digital financial services that promote financial inclusion but also add complexity and risks for inexperienced consumers. Strengthening financial consumer protection (FCP) in Nigeria is therefore critical to ensure responsible and sustainable financial inclusion. This Diagnostic Review was conducted under the joint World Bank and IMF program to strengthen Nigeria's financial sector. The Central Bank of Nigeria (CBN) has already established a dedicated Consumer Protection Dep...
Subjects
free text keywords: CONSUMER PROTECTION, ACCOUNTABILITY, REGULATORY FRAMEWORK, REGULATION, FINANCIAL PROTECTION, DISPUTE RESOLUTION, TRANSPARENCY, BUSINESS CONDUCT, PRIVACY, DATA PROTECTION
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