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8 Bank Customer's Bill of Rights

In Nigeria, banks’ customers have certain rights and duties guaranteed by law, regulation and conventions. This short piece articulates some of these rights and duties.

  • The Right to be informed

As a bank customer, you have a right to disclosure of information from your bank on products and services the bank offers. Your bank must explain to your understanding all contractual terms and charges prior to the consummation of any agreement or contract.

  • The Right to choose

You have a right to select from the range of products and services made available by your bank at competitive prices. This means that as a customer, you can, at all times, decide on the product or service to accept/purchase and the ones to decline.

  • The Right to safety

This right requires a bank to guarantee all its customers a secure and conducive banking environment devoid of threats to their safety and health. You have the right to be reasonably protected from accidents while on the premises of your bank.

  • The Right to Privacy and Confidentiality

Your bank is not to divulge your account information to a third party; the bank must also protect your information from unauthorized access by a third party except Where your bank is required by law to make such disclosure and where you consent to the disclosure.

  • The Right to redress

A bank must provide its customers with a redress mechanism to express their displeasure or grievance. The mechanism must be free, accessible, transparent, timely and convenient. 

  • The Right to good service

All customers have a right to value for their money, which involves being treated with respect and dignity by banks and their representatives. Part of this right is that your bank must provide an appropriate response to your needs and complaints.

  • The Right to equality

This right requires that a customer is treated equally as other customers regardless of differences in financial standing/deposit balance, physical ability, age, gender, ethnicity, or creed.

  • The Right to free monthly statement of account

Banks are required to provide their customers with free account statements every month. This means that you have the right to get your monthly statement of account from your bank at no cost. However, it should be noted that the Guide provides that any special request attracts a fee.