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Notify Customers Before Debt Recovery Moves, CBN Tells Banks

“Customers should be given the option of a private sale before foreclosure, which must be exercised within 30 days unless the customer has waived this right,”

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The Central Bank of Nigeria has instructed regulated entities to provide customers with notices of outstanding obligations before beginning debt collection.

This is to ensure that the debt recovery process is transparent, courteous, and fair.

CBN stated this in a document released on Thursday on its website titled “Revised Consumer Protection Regulations.”

It noted that the essence of the document is to ensure financial institutions follow consumer protection principles.

The regulations outline consumer rights and aim for better outcomes and access to financial services.

The document states that foreclosures should only be initiated as a last resort after other recovery options have failed.

Foreclosure is the legal process in which the ownership shifts to the bank or lender if the debtor fails to pay the loan.

“Customers should be given the option of a private sale before foreclosure, which must be exercised within 30 days unless the customer has waived this right,” the document stated.

The apex bank further mandated that financial service providers must apply the net proceeds from foreclosures to the loan account and inform customers of the remaining balance.

The CBN added that banks must give customers a report on the collateral sale, stating process, expenses, and net proceeds noting that banks are responsible for the actions of debt collection agents.

The document outlines restrictions for loan providers in terms of contacting individuals related to a customer.

It stated, “Providers are not allowed to contact friends, employers, relatives, or neighbors for any information other than employment status, telephone numbers, or address. The only exception is if the person has guaranteed the loan or has given consent to be contacted.”

Additionally, banks must safeguard customers’ assets and are responsible for losses due to control breaches; test products with consumers and modify to reduce fraud/errors and implement measures and authentication for transactions.

FSPs are also mandated to install automated transaction monitoring, alert functions, and behavioural monitoring to detect and prevent fraud; customers must also be educated on fraud threats or scams.

The document added that the providers must communicate procedures for reporting suspicious, unauthorised, fraudulent, lost, or stolen payment instruments and/or authentication information to consumers periodically.

The apex bank requires financial institutions to offer secure and user-friendly interfaces for digital financial services to prevent errors and double transactions.

The CBN added that banks must protect consumer data privacy and confidentiality from unauthorised access and be responsible for any acts or omissions in this regard.

The providers are required to incorporate personal data protection into their product or system designs; they must obtain written consent from consumers to collect and process their personal data for specific purposes, and allow them to withdraw their consent at any time and are prohibited from sharing consumers’ personal data with third parties without their express consent, and must provide clear and simple “Opt-in” and “Opt-Out” options for data sharing.

“Safeguarding the interests and ensuring greater protection of consumers in the evolving financial services landscape necessitated the review of the 2019 Consumer Protection Regulations,” it added.

 

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National Assembly Under Siege As Demonstrators Demand Passage Of Controversial Bill

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Protesters have returned to the National Assembly Complex in Abuja on Tuesday for a second consecutive day of demonstrations intensifying calls for real-time transmission of election results from polling units to the Independent National Electoral Commission’s IREV portal.

Slogans like “We no go gree, Akpabio pass the bill,” were heard as the group is demanding the mandatory real-time electronic transmission of election results in the Electoral Act Amendment Bill 2026.

Some protesters were also heard chanting “Our vote must count.”

The demonstrators also carried placards bearing strong messages, including “Don’t alter the bill, pass it,” and “Rigging election is a coup,” alongside other inscriptions.

The chants were directed at Senate President Godswill Akpabio, as demonstrators urged the leadership of the National Assembly to prioritise the bill.

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Polaris Bank Launches Global Gift Card Feature On VULTe

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Polaris Bank, through its digital lifestyle platform VULTe, has introduced a faster, smarter way for users to send love, appreciation, and rewards across borders with the launch of its new Gift Card feature, enabling customers to deliver global brand gift cards to family and friends anywhere in the world in seconds.

 

Designed for speed, security, and everyday relevance, the feature allows users to choose from a wide range of international and local brands spanning groceries, beauty and wellness, fashion, electronics, entertainment, gaming, and lifestyle services, all seamlessly accessible on VULTe.

 

Whether it is paying for a Netflix subscription in London, sending Spotify Premium to a friend in Accra, gifting a Starbucks coffee in New York, or helping a loved one shop at Amazon or Shoprite, VULTe’s Gift Card feature transforms digital transfers into meaningful real world experiences, powered by Polaris Bank’s secure digital infrastructure.

 

Users simply log in to VULTe, select Lifestyle, choose Gift Card, pick a preferred brand, enter the amount and recipient’s email, confirm the transaction, and authorize with their PIN. The gift card is delivered instantly, removing shipping delays, currency barriers, and geographic limitations.

 

The Gift Card catalogue includes leading brands and platforms such as Amazon, SureGift, Visa and MasterCard Prepaid Cards, iTunes and Apple, Google Play, Steam, Razer Gold, Netflix, Spotify, Starbucks, and PaySafeCard, covering everything from physical goods and digital content to subscriptions, gaming, and everyday essentials.

 

With this feature on VULTe, Polaris Bank reinforces its commitment to digital innovation and lifestyle banking, positioning VULTe as a bridge between financial services and everyday global experiences, enabling customers to turn simple moments into meaningful connections delivered instantly, securely, and without borders.

 

Polaris Bank was adjudged Nigeria’s Digital Bank of the Year in 2025,2024,2023, 2022 and 2021 and MSME Bank of the Year 2022, 2023 and 2024 in Business Day’s Banks and Other Financial Institutions (BAFI) Awards.

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No Mercy For Shutters: Governor Soludo Seals Recalcitrant Shops in Anambra

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The Anambra State Government has intensified its enforcement of the directive to end the Monday sit-at-home by sealing multiple shops in Onitsha and surrounding areas for failing to open for business.

JomogNews gathered that most of the sealed shops were at the Building Materials Market, Ogidi, where traders did not open for business on Monday.

The state government, however, commended many traders who came to the market that day, especially those at the Electrical Parts Dealers Market, Obosi.

The Special Adviser to the Governor on Markets, Evarist Uba, undertook a routine monitoring exercise to assess the level of compliance with the state government’s directive for markets to open on Mondays.

During the tour, Uba reported that a substantial number of shops at the Electrical Parts Dealers Market, Obosi, were open for business on Monday, marking a notable departure from the prolonged weekly lockdowns that have stifled economic activities across the state.

He said, “The Obosi Electrical Parts Market is a key hub for electrical components in the Southeast, and I’m happy to see a significant level of activity.

“The government is intentionally building a state that embraces productivity. The government of Anambra State, under the leadership of Governor Chukwuma Soludo, is highly impressed by the courage and patriotism displayed by the electrical parts dealers in Obosi, as 80 percent of the market is open.

“Their decision to open their shops is a clear testament to their faith in the government’s efforts to restore peace and their commitment to the economic prosperity of the state.”

At the Building Materials Market, Ogidi, some shops that were under lock and key were sealed by the state government. The Special Adviser commended those who complied and warned that the sealed shops would remain closed for two weeks.

Leaders of the markets who spoke during the tour expressed their support for the government’s stance.

The Chairman of the Electrical Parts Dealers Association, Obosi, Chike Onunkwo, and Chief Jude Nwankwo, President of the International Building Materials Market, Ogidi, praised the enhanced security provided by the state.

They pointed out that the government has shown commitment and, as such, traders must play their part in rebuilding the state economy.

The monitoring committee comprised the Commissioner for Information, Dr. Law Mefor; the Special Adviser to the Governor on Security, AVM Ben Chiobi (rtd); and the Press Secretary to the Governor, Mr. Christian Aburime.

The team also visited other major markets in Nnewi and Onitsha, among others, to monitor compliance with the government’s directive.

 

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