CBN Moves To End Illegal charges And Other Manipulations By Nigerian Banks

 

CBNFinancial operators shall provide credit counseling to prevent consumers’ indebtedness due to limited financial knowledge.

Consumers, the draft rule states “shall be made aware of such services and shall be encouraged to take advantage of such facilities provided by the operators. When the rules become operational the rules stipulate that “Operators must provide detailed information on the terms and conditions of a loan agreement to consumers prior to executing the loan agreement. Such information must at a minimum include the pricing, repayment schedule, repayment amount, tenure and opt out options”.

 

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