KEY POINTS
- CBN is planning to raise fines to make banks comply better.
- And fines could rise from tens of millions to around 100 million.
- Authorities are introducing new measures to ensure financial inclusion for persons with disabilities.
The Central Bank of Nigeria (CBN) says it wants to hold banks to higher fines if they fail to follow regulatory standards and to improve consumer protection and inclusivity particularly for Persons with Disabilities (PWDs).
CBN to strengthen penalties for non-compliant banks
Jamiu Rabiu, DDI, CBN, on Monday announced the move at a financial inclusion roundtable, saying existing fines of N2 to N3 million are not sufficient deterrents.
But Rabiu said the maximum fines could reach 100 million to encourage players to comply better. We need to stick higher punishment in there is my feeling when there’s an issue, sometimes the banks don’t act, he said.
The CBN urges banking authorities to support these increased fines to ensure effective enforcement.
This will provide a focus on inclusivity and consumer rights
According to Professor Chiso Ndukwe Okafor, Executive Director of the Consumer Advocacy and Empowerment Foundation (CADEF), noted that persons with disabilities (PWDs) often face unique challenges in accessing digital financial services.
According to The Punch, a technical committee is developing a “bill of rights” for persons with disabilities (PWDs) to ensure that their needs are met not only on online platforms but across all financial platforms, she explained.
While the CBN and CADEF plan these changes as a step towards making the financial sector more inclusive and fairer to consumers, their potential arrives at a time when 90 percent of Nigerians live below the national poverty line.
