Dr Uche Olowu, President of CIBN, said this during the official launch of the Consumer Awareness and Financial Enlightenment Initiative (CAFEi) on Thursday in Lagos.
The News Agency of Nigeria (NAN) reports that CAFEi is an initiative to aid consumers in making safe, accurate and informed decisions on goods and services in all facets, including the Banking and Finance industry.
The NGO also focuses on research, enlightenment and advocacy for consumer protection in the financial industry.
Olowu said that the institute would ensure effectiveness where the ills of the banking institutions were highlighted and ensure quality services were rendered.
He further explained that CIBN’s Ethics Sub-committee was a remedial department that addresses unresolved complaints of consumers, in addition to the activities of the Central Bank of Nigeria (CBN) Consumer Protection department.
Olowu said that the institute in collaboration with various Non-Governmental Organisations (NGOs), would intensify efforts on policy advocacy that would result in improved banking performance and customer satisfaction.
Earlier, Mrs Debola Osibogun, President of CAFEi, said the NGO aims at driving financial literacy, consumer engagement and protection, saying that the initiative would also boost consumer literacy in the country.
“Our mandate is to drive consumer education in furtherance of a society where accountability is embedded in our DNA.
“We want to see a country where contracts- written or implied are enforced for the benefits of ensuring shared responsibility, as well as prosperity,” she said.
Osibogun said that the NGO would collaborate with industry experts to improve delivery of goods and services across the country, especially in the financial sector.
She said that stakeholders, individuals, organisations and regulators would be engaged to achieve inclusive growth and shared prosperity.
(By Oluwafunke Ishola – NAN)