What the new CBN marketing regulations mean for financial institutions
- In 2018, Nigerian banks engaged in humorous exchanges on social media, known as #BankWars, to compete for customer attention.
- The CBN issued a circular on November 27, 2025, prohibiting comparative advertising and chance-based promotions among financial institutions.
- The circular mandates the immediate withdrawal of non-compliant advertisements by banks, Payment Service Banks, and Other Financial Institutions.
The CBN's decision to regulate advertising practices in the financial sector is a necessary step towards ensuring consumer protection and market integrity. However, it raises concerns about how financial institutions will adapt their marketing strategies in an increasingly competitive landscape. The challenge will be to maintain engagement without resorting to tactics that may mislead consumers.
