Regulatory Alerts2008-10-21 | TED-FEM-FPC-GEN-01-118-08Added · Updated
GUIDELINES FOR THE LICENSING, OPERATIONS AND REGULATION OF CREDIT BUREAUS IN NIGERIA
The Central Bank of Nigeria (CBN) has issued a circular reminding all banks and their staff that engaging in the unprofessional and unethical practice of de-marketing other banks through disparaging comments and text messages is not only unacceptable but poses a serious threat to the safety and soundness of the banking system. As a result, any employee caught involved will be summarily dismissed and blacklisted. Furthermore, if another staff from the same bank participates in such an act, the institution may face severe sanctions, including a monetary fine of N10 million. CBN advises all banks to cultivate a corporate culture that discourages these practices for the overall interest of the banking system.