CAFON Educates Consumers On Central Bank Reforms


The Consumers Advocacy Forum of Nigeria (CAFON) is currently holding a forum to educate consumers on the Central Bank of Nigeria, CBN, monetary reforms.

In a statement by the Non-Government Organisation,NGO, representatives of CBN, banks and Consumer Protection Council of Nigeria, CPC, are expected at the event to enlighten consumers on the benefits of the reforms.

The forum which will take place at the Lagos Television (LTV) Conference Hall, Agidingbi, Ikeja, will also be used to address issues affecting consumers in the banking sector such as unjustifiable charges, imposition of ATM on consumers and illegal deductions.

The statement said: “In line with the new CBN rules guiding the operation of banks in Nigeria, emergence of ‘cashless transaction’ policy and the vulnerability of consumers in this sector, the CAFON team recognises the need for consumers awareness of the issues surrounding the uncertainties in the sector.

“We have thus dedicated the next edition of the monthly Lagos Consumer Forum as a platform for financial service providers and the regulatory authorities to explain issues as a way of educating consumers on the changes taking place in the sector as well as providing means of improving on the services rendered.”

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“The forum is structured with the aim of educating consumers and evaluating the persistent consumer issues ranging from unjustifiable charges, imposition of the use of ATM on consumer, new account minimum balance and the method of creating new account amongst others. At the end of the forum, we hope to evaluate the consumer rights in the banking sector with a view of finding lasting solutions to these issues.

“The forum will also create an avenue for consumers, service providers, regulators, legal and sector consultants to connect with a view to enlightening, empowering and resolving the issues as much as possible,” the statement further said.

It said that as part of our media advocacy to give the Nigerian consumer a voice, the organisation is partnering with Lagos Television to create a public platform to draw attention to consumer rights violation. The forum, it stated, will also empower consumers to protect themselves from further exploitations while providing them with option for redress.

“At the event, consumers who at some point in time are victims of unsatisfactory services will get free counsel from lawyers, representatives of the regulatory body and the service providers,” the statement concluded.

—Henry Ojelu

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