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|Cbn Establishes Consumer Protection Unit by Kobojunkie: 1:15am On Aug 14, 2010|
BENIN - The Central Bank of Nigeria (CBN) has established a Consumer Protection Unit to protect the interest of the banking public in their daily transactions with banks.
Mr Samuel Oni, the CBN Director of Banking Supervision, made the disclosure in a paper at a workshop organised by the apex bank for financial journalists in Benin on Wednesday.
He said the unit would ensure that the public got some level of protection and also increase their level of understanding of financial services and products.
Oni said that the apex bank was transforming its processes, especially in the areas of corporate governance, management information system and “people development”.
He said that the apex bank had developed four pillars to guide the ongoing current reform which was designed to build a stronger and more resilient financial system.
The CBN Director said that the road ahead was still long and full of challenges, saying it was critical that “we strengthen the implementation process to enhance efficiency of the financial system.
“A major challenge is to ensure that the reforms are not only embedded at the individual bank levels but also carried on as a continuous process and aligned to changing market and regulatory developments,” he said.
Oni said that the apex bank would be relying on strategic partners to drive the reform programme
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