{"id":109970,"date":"2024-02-09T20:11:02","date_gmt":"2024-02-09T19:11:02","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/dont-call-customers-relatives-over-debt-recovery-cbn-warns-financial-service-providers"},"modified":"2024-02-09T22:30:15","modified_gmt":"2024-02-09T21:30:15","slug":"dont-call-customers-relatives-over-debt-recovery-cbn-warns-financial-service-providers","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/dont-call-customers-relatives-over-debt-recovery-cbn-warns-financial-service-providers","title":{"rendered":"\u2018Don\u2019t call customers\u2019 relatives over debt recovery\u2019- CBN warns financial service providers"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>The Central Bank of Nigeria, CBN, has warned banks and other financial service providers to stop calling customers\u2019 relatives or friends over debt recovery.<\/p>\n

CBN disclosed this in a document released on Thursday on its official website titled \u201cRevised Consumer Protection Regulations.\u201d<\/p>\n

The apex bank said financial service providers must respect data privacy and notify customers of outstanding obligations before commencing debt collection.<\/p>\n

CBN noted that the essence of the document is to ensure financial institutions follow consumer protection principles, adding that financial service providers should ensure the debt recovery process is transparent, courteous, and fair.<\/p>\n

\u201cCustomers 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.<\/p>\n

\u201cProviders are not allowed to contact friends, employers, relatives, or neighbours for information other than employment status, telephone numbers, or addresses. The only exception is if the person has guaranteed the loan or has consented to be contacted.<\/p>\n

\u201cSafeguarding the interests and ensuring greater protection of consumers in the evolving financial services landscape necessitated the review of the 2019 Consumer Protection Regulations,\u201d CBN stated.<\/p>\n

The Federal Competition and Consumer Protection Commission, FCCPC, had delisted 18 digital money lending technology companies for invading customers\u2019 privacy in the name of loan recovery.<\/p>\n

For More News And Analysis About Nigeria<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. The Central Bank of Nigeria, CBN, has warned banks and other financial service providers to stop calling customers\u2019 relatives or friends over debt recovery. CBN disclosed this in a document released on Thursday on its official website titled \u201cRevised Consumer Protection Regulations.\u201d The apex bank said financial service providers must respect data […]<\/p>\n","protected":false},"author":84,"featured_media":109969,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[1570,2140,503,254],"class_list":["post-109970","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-nigeria-2","tag-cbn","tag-nigeria"],"yoast_head":"\n\u2018Don\u2019t call customers\u2019 relatives over debt recovery\u2019- CBN warns financial service providers - Nigeria<\/title>\n<meta name=\"description\" content=\"The Central Bank of Nigeria, CBN, has warned banks and other financial service providers to stop calling customers\u2019 rela ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/dont-call-customers-relatives-over-debt-recovery-cbn-warns-financial-service-providers\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u2018Don\u2019t call customers\u2019 relatives over debt recovery\u2019- CBN warns financial service providers\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Nigeria, CBN, has warned banks and other financial service providers to stop calling customers\u2019 rela ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/dont-call-customers-relatives-over-debt-recovery-cbn-warns-financial-service-providers\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-09T19:11:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-09T21:30:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/02\/sm_1707497531.942124.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/dont-call-customers-relatives-over-debt-recovery-cbn-warns-financial-service-providers#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/dont-call-customers-relatives-over-debt-recovery-cbn-warns-financial-service-providers\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"\u2018Don\u2019t call customers\u2019 relatives over debt recovery\u2019- CBN warns financial service providers\",\"datePublished\":\"2024-02-09T19:11:02+00:00\",\"dateModified\":\"2024-02-09T21:30:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/dont-call-customers-relatives-over-debt-recovery-cbn-warns-financial-service-providers\"},\"wordCount\":235,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/dont-call-customers-relatives-over-debt-recovery-cbn-warns-financial-service-providers#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/02\/sm_1707497531.942124.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"CBN\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/dont-call-customers-relatives-over-debt-recovery-cbn-warns-financial-service-providers#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/dont-call-customers-relatives-over-debt-recovery-cbn-warns-financial-service-providers\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/dont-call-customers-relatives-over-debt-recovery-cbn-warns-financial-service-providers\",\"name\":\"\u2018Don\u2019t call customers\u2019 relatives over debt recovery\u2019- CBN warns financial service providers - 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