The Central Bank of Nigeria has asked operators of microfinance banks and other financial institutions in the country not to engage in exploitative activities.
The CBN said this could be achieved by obtaining necessary certifications before commencing operations.
The Head of Consumer Protection Department, CBN, Umma Dutse, said this during the ceremony for Smart Campaign Certification Award in Lagos to Grooming Centre, Ejigbo and Fortis Microfinance Bank.
During a panel discussion on ‘State of consumer protection in financial inclusion,’ she explained that obtaining certification was also in the interest of their existence and international standard.
Dutse, after the presentation of the award to the Chief Executive Officer, Grooming Centre, Dr. Godwin Nwabunka, urged other practitioners across the country to desist from illegal operations.
She said, “Nigerian financial system is undergoing some transformation, and consumer protection…