Abdul Muhammed Law Practice
Abdul Muhammed Law Practice brings you the 20 rights of the bank customer distilled from the analysis of relevant laws as well as from the regulations published by the Central Bank of Nigeria.
- Access to information
Customers have the right to clear and easily understandable information about banking products, terms, fees, and services.
- Privacy and data protection
Banks must safeguard customer information, ensuring it is used only for legitimate purposes and not shared without consent.
- Right to choose
Customers can choose financial products and services based on their needs, without undue pressure or misleading information.
- Fair treatment
Banks are required to treat all customers fairly, without discrimination based on gender, race, religion, or other factors.
- Transparency in fees and charges
Customers have the right to know about all fees, charges, and interest rates associated with their accounts or services.
- Right to redress
In case of disputes or errors, customers have the right to a fair and efficient process to resolve complaints and receive compensation if applicable.
- Access to basic banking services
Banks must provide basic services to customers even if they don’t meet certain criteria, ensuring access to essential banking functions.
- Right to account access
Customers are entitled to access their accounts and manage their finances through online banking, SMS, ATMs, and other channels.
- Timely and accurate statements
Banks are obligated to provide accurate and timely statements that reflect account transactions and balances.
- Right to cancel
Customers have the right to cancel certain financial products or services without incurring excessive fees or penalties.
- Conflict resolution
Banks must have a transparent and efficient mechanism for resolving disputes with customers, including the option of external mediation.
- Protection of sensitive data
Customer data, such as account details and transactions, must be secure to prevent unauthorized access or fraud.
- Consent for marketing
Customers should give explicit consent before receiving marketing communications from banks.
- Clear loan terms
When offering loans, banks must provide clear terms, including interest rates, repayment schedules, and consequences of default.
- Right to fair debt collection practices
Banks must follow fair and legal debt collection practices without resorting to harassment or intimidation.
- Accountability for third-party services
If a bank uses third-party services, customers’ rights and data protection must still be maintained.
- Protection against unfair practices
Customers have the right to be protected from deceptive, unfair, or abusive practices by banks.
- Right to financial education
Banks should provide resources to enhance customers’ financial literacy and understanding of their banking products.
- Prompt response to inquiries
Customers have the right to receive timely and accurate responses to their inquiries and concerns.
- Right to exit
Customers can close their accounts or terminate services without undue hindrance.
