The Central Bank of Nigeria (CBN) has banned some ‘save & win’-related promotions by deposit money banks (DMBs) in the country as part of its regulatory measures to improve transparency and public confidence in the nation’s financial system.
A management staff in one of the leading banks was reported to have confirmed the latest regulatory measure during a chat with some journalists at the sidelines of a public event in Abuja
It was reliably gathered that already, some of the big lenders had been penalized by the apex bank for such promos.
According to reliable sources, the CBN had ordered the sanctioned DMBs to immediately remove advertorial contents related to some “save and win” promos from billboards and other platforms, including those hoisted on some online media platforms and the lenders’ websites.
- Advertisement -
An investment analyst, spoken with by our correspondent on the latest apex bank’s measure, who simply identified himself as Mr. Ajayi, said the step “may not be unconnected with the CBN’s sustained sanitization measures in the financial system to improve the credibility of products and services being offered by the banks to customers.”
He described the move as “desirable for the financial system based on deceptive promotional campaigns by some corporate entities in the country.”
