CBN instructs banks to notify customers of outstanding obligations before debt collection, enforcing transparency, courtesy, and fairness.
The Central Bank of Nigeria (CBN) has instructed banks to provide customers with notices of outstanding obligations before starting debt collection. This move aims to ensure that the debt recovery process is transparent, courteous, and fair. The CBN released a document titled "Revised Consumer Protection Regulations" to outline consumer rights and improve access to financial services. The guidelines also require foreclosures to be initiated only as a last resort after other recovery options have failed.
February 09, 2024
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