Deputy Governor, Economic Policy, Central Bank of Nigeria (CBN) has commended the formation of the Bank Customers Association of Nigeria (BCAN), saying the mandate of the Association is critical to achieving financial stability in the country.
She stated this at the 2014 summit of the Association held in Lagos last week.
Alade said, “ The goals of the Bank Customers’ Association of Nigeria is in tandem with the goals of the Central Bank of Nigeria of creating a more inclusive, consumer focused and ethical banking sector.
Your association’s mandates are to promote good banking culture and habits among bank customers as well as mutual understanding, trust, confidence and co-operation between banks and their customers.
For the banking sector to work properly, one of the ingredients is a well-informed customer pool that understands what they need frmo the system and can adapt to the new innovations in the sector.
The responsibility for this lies in an association like yours to champion the education drive. An educated consumer is both an essential and an integral part of an ethical banking sector.
“Consumer awareness plays a key role in customer decision making. By increasing a potential or current customer’s knowledge about a product, service or business, a healthy economic environment evolve where customers are informed and protected and businesses are accountable for their actions. This summit therefore offers an opportunity to stimulate discussion on the crucial role banks and their customers play in ensuring financial stability.
“Therefore the role of Bank Customers’ Association of Nigeria (BCAN) is very critical in deepening financial awareness in the country and in achieving greater penetration of financial education in the country.
Consumer awareness benefits society by promoting customer satisfaction, increasing economic stability and creating realistic customer expectations of the banking industry.