CBN Bans Banks from ‘Win’ Promo, Penalises Lenders
The Central Bank of Nigeria (CBN) has placed a ban on some ‘win’-related promotions by some local deposit money banks (DMBs), sources said.
Sources in the banking sector told MarketForces Africa that the Apex Bank wielded a big regulatory stick and slammed penalties on some banks in its latest advertising policy review.
The source said the authority has directed all the affected banks to remove such advertorial content from the public domain, including content posted across online news platforms without minding the effect on the neglected media sector.
“CBN has fined us and made it mandatory that it must go down”, a source among the top-tier lenders said in a chat with MarketForces Africa.
The move reflects the Central Bank’s new policy on banks’ public financial products and services promotion and advertisement via various platforms.
Some public analysts have continued to criticise banks for gambling-style promotions, frowning at the risk of misinformation. CBN Auctioned N600bn in OMO Bills, Raises N3.5trn at 20%
