Key Points

• CBN warns lenders over misleading bank adverts.

• Regulator demands urgent withdrawal of disputed promotions.

• Banks face penalties if misleading bank adverts continue.

The Central Bank of Nigeria has told all banks, payment service banks, and other licensed financial institutions to take down any ads or marketing campaigns that don’t follow the rules for protecting consumers and fair marketing. Olubunmi Ayodele-Oni signed the directive on Thursday on behalf of the Director of the Compliance Department. It came after an industry-wide review that found major problems with how institutions explain product features, risks, and regulatory approvals.

The regulator says that the thematic review showed that a lot of businesses still run ads that make false claims about the benefits of their products, leave out important information, or use unverified numbers that could mislead customers. The CBN said that these kinds of actions not only make the playing field uneven, but they also lower people’s trust in the financial system.

CBN warns about false disclosures

The central bank said that some campaigns hide important information, bury risks in small print, or make claims that can’t be checked by anyone else. It warned that ads must be true, fair, and clear, and they should not use comparative, superlative, or de-marketing statements, whether they are said directly or implied. The CBN also banned promotional incentives like lotteries, prize draws, and other chance-based incentives, saying that these kinds of schemes could make people make financial commitments they don’t fully understand.

The regulator makes ad rules stricter

Institutions must now tell the CBN before they put out any ads or other promotional materials because of stricter rules. The notification must include the length of the campaign, information about the creative content, the target demographics and locations, and a written confirmation that the compliance and legal departments have checked the material. Banks must also show that the product or service being advertised has already been approved by the government.

The regulator made it clear that this notification process does not mean that any campaign has been approved or endorsed ahead of time. It said that banks and other financial institutions will still be fully responsible for making sure that their marketing activities follow all laws and internal rules.

Institutions will have to go through a compliance review in January 2026

The CBN told businesses to take down any ads that don’t meet the standards right away and to send in a compliance attestation signed by the Chief Executive Officer, Executive Compliance Officer, and Chief Compliance Officer within 30 days. The bank will do a follow-up review starting in January 2026 to see how well the whole industry is following the rules. According to the Banks and Other Financial Institutions Act 2020 and the Consumer Protection Regulations, institutions that break the rules will face penalties.

The central bank said again that its goal is to make the financial sector more fair, open, and responsible when it comes to marketing.