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CBN releases exposure draft on digital financial services awareness

The Central Bank of Nigeria (CBN) yesterday released an exposure draft on Digital Financial Services Awareness (DFS) guidelines, which the apex bank said it developed in order; “ to address gaps in consumer knowledge and practices with Digital financial Services (DFS).” According to the CBN’s Consumer Protection Department, which issued the document, the guidelines apply to Deposit Money Banks (DMBs), Merchant banks, Other Financial Institutions (OFIs), Payment Service Banks (PSBs) , and other payment service institutions as licensed by the regulator. One of the key objectives of the guidelines, the CBN said is to set: “Digital Financial Literacy (DFL) standards for Digital Financial Services Providers (DFSP).”

For instance, the document stipulates that DFS providers, among other requirements, are expected to: “Provide information that will enable consumers differentiate DFS products from conventional banking products and services; ensure ease of access to information on all product offerings to enable consumers make informed decisions; provide information on products in simple English and local languages; conduct outreach to underserved populations regarding DFS options available to them and provide information on product usage and how to obtain support services when the need arises.”

In addition, DFS providers are expected to: “Develop and deliver educational materials to prospective and existing customers through basic channels such as Short Message Service (SMS), Unstructured Supplementary Service Data (USSD) and at agent locations, in addition to app, web and social media platforms and submit developed educational materials to the Director of Consumer Protection, CBN for review.”

 

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