Consumer Protection simply refers to the system of Regulatory checks and measures aimed at protecting the rights of consumers and securing legal remedies where those rights have been breached.

In the Nigerian Banking and Financial Services Sector, the Central Bank of Nigeria (CBN) passed the CBN Consumer Protection Regulations on the 20th of December,2019 pursuant to the earlier Consumer Protection Framework issued on the 7th of November, 2016. 

This article will be looking at the following focus areas :-

– The applicability scope and objectives of the CBN Regulations.

– The provisions of the CBN Regulations on some key Consumer Protection principles in Nigeria.

– Available sanctions for consumer rights violations under the regulations.

What is the applicability scope of the CBN Consumer Protection Regulations?

The Regulations apply to all institutions licensed and/or regulated by the CBN. 

Financial Institutions are to ensure that the provisions of the regulations form part of any consumer related transaction, product or service agreement they may enter into with any entity not regulated by the CBN.

What are the objectives of the CBN Regulations?

The CBN Consumer Protection Regulations were created with the aim of :-

– Protecting consumers from unfair & exploitative practices by institutions in their dealings with the consumers.

– Protecting consumers from unethical and predatory practices that undermine consumer confidence in the use of financial products and services.

– Protecting consumers against the provision of inadequate & misleading information and/or failure to disclose material information.

– Ensuring consumer access to complaint redress mechanisms that are free, fair, timely, transparent, accessible & independent.

– Encouraging transparency of institutions in their dealings with customers.

What are the provisions of the regulations in its espoused Consumer Protection principles?

Some of the notable provisions of the regulations in its espoused Consumer Protection principles are:-

Fair Treatment of Consumers

– FIs (Financial Institutions) shall  treat consumers equitably without bias at all stages of a business relationship.

Unfair Contract Terms

– A contract term is unfair if it eliminates the liability of an institution to loss caused to a consumer by misrepresentation, negligence or misleading information on its products or services.

– Unfair terms used in contracts are void and shall not be binding on consumers.

Disclosure & Transparency

– FIs are to ensure that documents made available to consumers shall be written in clear, legible and simple English language in a minimum font size of 10.

– FIs must ensure that the disclaimer “terms and conditions apply” shall only be used if terms and conditions have been explained and disclosed as well as technical terms being clearly explained to the consumer to aid better comprehension.

Advertising

– FIs shall comply with disclosure directions for all Financial/Banking product advertisement and promotional materials.

– The contents of advertisements shall be factual and unambiguous, expressed in clear and simple communications and shall not be offensive, misleading, deceptive or injurious.

Data Protection & Privacy

FIs are to abide by all CBN Guidelines and Regulations regarding Consumer Data Privacy & Protection as well as all other general regulations including the Nigerian Data Protection Regulations.

Complaints and Management Channels

FIs are to set up and maintain complaint management channels that can include letters, emails, telephone lines, social media and digital software platforms.

FIs are to ensure that complaint management mechanisms are effective, functional , efficient and accessible. Also, FIs are to generate a unique identifier & acknowledge complaints within 24 hours of lodgment.

What are some of the sanctions for Consumer Rights violations under the regulations if any?

The CBN, which is charged with enforcing the provisions of the regulations, can impose a number of sanctions on erring FIs in this regard, some of which are :- 

-Non-resolution of complainants by FIs within prescribed timelines will attract a punitive fine of 500,000.00 Naira per complaint per week while the violation lasts.

– Non-acknowledgement of complaints from customers and non-issuance of complaint tracking numbers can also attract a fine of 2 Million Naira per complaint imposed by the CBN.

– Non-response to requests or a failure to comply with a CBN Consumer Protection directive will earn a fine of 2 Million Naira imposed by the CBN.

It has been a wild ride for Litecoin (LTC) and WAVES (WAVES) investors in the past few weeks, with both coins seeing massive crashes. According to some experts, this may not be the best time to invest in either coin. They don’t believe they will recover and suggest that Litecoin (LTC) and WAVES (WAVES) investors get out now while they still can. However there is still hope…

Snowfall Protocol (SNW) has seen its value skyrocket in recent days, reaching new all-time highs. This is due to its unique interoperability model, which has seen unprecedented growth of more than 500% since stage 2. With the prototype of the dAPP now announced, many are expecting this surge to continue on with a potential 1000x increase coming soon!

So while Litecoin (LTC) and WAVES (WAVES) investors may be feeling the pain, Snowfall Protocol (SNW) investors are celebrating. Now may be the time to get in on SNW while it is still at a relatively low price of $0.095 and potentially reap its rewards shortly!

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The interoperability model of Snowfall Protocol (SNW) enables different blockchains to swap assets with each other. This is like your local farmers’ market and how different farmers can come together to trade their products in one place.

Common Crypto Investing Mistakes

Holding onto losing cryptocurrencies such as Litecoin (LTC) and WAVES (WAVES) is a common crypto investing mistake. The fact is, the market is volatile and prices can change quickly, so investors should be aware of when to get out.

Not looking at the fundamentals is another mistake. Snowfall Protocol (SNW) has a unique interoperability model and its prototype of the dAPP means it is a project worth watching.

By taking the time to study its fundamentals, investors can make better decisions on when to get in or out of their investments. Litecoin (LTC) and WAVES (WAVES) don’t have the fundamentals to make it a worthwhile investment.

The trend is your friend and not following it is also a mistake. Litecoin (LTC) and WAVES (WAVES) are trending down with Snowfall Protocol (SNW) going up. So, why continue following the trend when it’s already showing you the way?

Snowfall Protocol (SNW) has seen an incredible 500% increase in price since stage 2 and many expect it to reach new all-time highs soon with its prototype dAPP nearing completion. Litecoin (LTC) and WAVES (WAVES) have not seen any useful development for a long time now.

Investing in Litecoin (LTC) and WAVES (WAVES) Is Not The Best Choice

If you’re looking for an alternative investment opportunity to Litecoin (LTC) and WAVES (WAVES), then Snowfall Protocol (SNW) may be just what you’re looking for! With its unique interoperability model, massive growth over the past few weeks, and the potential of a 1000x increase coming soon, it’s definitely worth considering. Don’t miss out on this opportunity, check out SNW now!

Presale: https://presale.snowfallprotocol.io

Website: https://snowfallprotocol.io

Telegram: https://t.me/snowfallcoin

Twitter: https://twitter.com/snowfallcoin

Following the news about Binance acquiring FTX, the crypto market has crashed, losing over $70B. The volatility of cryptocurrencies isn’t a new occurrence, and we’ve seen cases of big money movers causing a shift in the market. The Elon saga in the past week was enough proof of that and how it influenced DOGE’s price tremendously. After days of exceeding the $20k mark, Bitcoin drops to $18,600, Solana dips by $14%, and most altcoins that have followed take their turns for the worst. The only exception in the list is Chainlink.

Despite price volatility, Chainlink has soared to a three-month high, reaching a price that it has not attained since August. And experts say that massive activity sparked over the previous five weeks by LINK wallets was what led to the most recent price increase. Whatever the cause is, it is noteworthy that Chainlink is a top-performing cryptocurrency presently and could be a valuable addition to your portfolio.

Dogeliens (DOGET) is another cryptocurrency looking promising on presale right now, and it seems to be following the d;og meme coin buzz. Enthusiasts say it could be the next Dogecoin since it offers more than fun and entertainment, unlike DOGE.

Chainlink (LINK)

Chainlink (LINK) is a decentralized network of nodes that connects and links data and information from outside a blockchain to on-chain smart contracts. It is a blockchain system that enables off-chain processing and access to real-world data while maintaining the security of blockchain technology. Chainlink is a decentralized network that intends to improve smart contracts’ capabilities and upscale their functionality using blockchain technology.

Smart contracts are essential for blockchain technology since they power the decentralized network by enabling transactions without the need for human interaction. However, the technology is relatively new, and one of the major challenges encountered is linking external information with the contract so that it would be interpreted and understood.

Chainlink intends to solve this problem by enabling access to the numerous inputs and outputs required by a complicated smart contract. The Chainlink network intends to easily provide quick and secure access to off-chain data and resources.

Since the beginning of the year, Chainlink has experienced significant whale accumulation and address activity, which is one of the reasons for its recent price increase. Shark and whale addresses have continued accumulating LINK tokens during the bad market, which signifies a bullish momentum from the community.

Dogeliens (DOGET)

Dogeliens is a new meme coin looking to build on the Binance Smart Chain. It is a meme coin with DeFi solutions, a DAO governance model, an NFT marketplace, and many more means of generating revenues.

Dogeliens has a blockchain education hub where users can learn the most basic or advanced information about the crypto market and blockchain technology. The education hub helps adopt more users into the Dogeliens community and the crypto landscape at large.

Dogeliens presale is selling fast, and investors are excited about the idea of a new meme coin offering new liquidity to the market. You can be among the early gainers by buying the token on presale here.

Check out the links provided below to learn more about Dogeliens (DOGET):

Presale: https://buy.dogeliens.io/

Website: https://dogeliens.io/

Telegram: https://t.me/DogeliensOfficial