The Complete List of Your Rights as a Borrower Based on CBN Policy

Many borrowers focus only on getting approved, but very few understand what protections exist under regulations issued by the Central Bank of Nigeria (CBN).

In this video, we provide a complete breakdown of your rights as a borrower based on CBN policies, consumer protection frameworks, and regulatory guidelines governing banks and microfinance institutions in Nigeria.

📖 What You Will Learn in This Video

Time Stamps

0:00 - Intro

2:06 - Objective And Scope

2:52 - Treat Consumers Equitably Without Bias

3:38 - Treat Consumers with Courtesy

5:38 - Unfair Contract Terms

9:20 - Contract Terms that Conflict

11:10 - Communication Channels(s)

11:28 - Advertisment

12:19 - Cooling-off Period

14:05 - Disclosure on Default of Credit Repayment

16:10 - Responsible Lending

17:19 - Debt Collection

21:51 - Sanctions

22:12 - Prudential Guidelines for Microfinance Banks

24:15 - Loan Restructuring

25:46 - Provision for Non-Performing Facilities

27:20 - Cybercrimes Amendment Act 2024

32:25 - Guidelines on Global Standing Instruction (GSI)

39:00 - Guide to Charges by Banks and other Financial Institutions

43:05 - Guide to Penal Rate (Overdue Interest)

🏦 Your Key Rights as a Borrower Under CBN Regulations

✅ 1. Right to Full Disclosure

Banks must clearly explain:

The loan amount

Interest rate (and how it is calculated)

All fees and charges

Repayment schedule

Default consequences

No hidden terms should exist outside the signed agreement.

✅ 2. Right to Transparent Charges

You cannot be subjected to arbitrary or undisclosed fees. Any change in loan terms must be properly communicated.

✅ 3. Right to Fair Treatment

Financial institutions must not:

Harass you

Threaten you unlawfully

Publicly shame you

Use abusive recovery tactics

Recovery must follow professional and regulatory standards.

✅ 4. Right to Due Process in Loan Recovery

Before extreme measures are taken:

You must receive notices.

You should be given the opportunity to regularize your account.

Foreclosure should only occur after other recovery steps have failed.

✅ 5. Rights Under GSI (If Applicable)

If you signed a GSI mandate:

Only outstanding principal and accrued interest may be recovered.

Recovery must comply with CBN operational guidelines.

There must be an actual loan default.

✅ 6. Right to Access Your Credit Information

You have the right to:

Request your credit report

Know which institution reported you

Dispute inaccurate information

✅ 7. Right to File Complaints

If your bank violates CBN regulations, you can:

File a formal complaint with the bank.

Escalate unresolved issues through appropriate regulatory channels.

⚖️ Important Note

While you have rights as a borrower, you also have responsibilities:

Repay loans as agreed.

Read and understand all documents before signing.

Avoid borrowing beyond your repayment capacity.

Understanding your rights protects you from abuse — but it does not eliminate your legal obligation to repay legitimate debts.

This video is for educational purposes and aims to empower borrowers with knowledge of regulatory protections under CBN policies in Nigeria.