By Taye Obateru & Marie-Therese Nanlong

Jos— The Central Bank of Nigeria, CBN, has assured consumers of financial goods and services of maximum benefits which would result in not only enabling people to take charge of their financial well-being but also enhance economic development.

This the apex bank will achieve through the Consumer Protection Department, CPD, which had been created and empowered to enhance consumer financial capability through consumer education, ensuring fair and responsible market and business conduct amongst financial service providers.

Addressing newsmen in Jos, yesterday, on activities to mark the commencement of the consumer awareness campaign, the CBN’s Director, Consumer Protection Department, Hajia Umma Dutse represented by Hajia Khadija Kasim, said activities of the department will engender trust and confidence in the financial system.

She said: “At the time the present management of CBN assumed duty in 2009, the financial system was virtually on the brink of collapse. Extensive study of the financial system revealed that lack of consumer sophistication among other factors was responsible.

“The CBN introduced reforms to sanitize and stabilize the system and the Consumer Protection was included to promote a sound and stable financial system as enshrined in the CBN Act and this will ensure consumers are given reasons to trust the system and be confident in dealing with financial services providers”.

The Director added that intensive consumer enlightenment will increase awareness and understanding of financial products and services, enhance efficient usage of financial resources and empower Nigerians with the requisite knowledge to make informed choices and take effective actions that will enhance their financial well-being.

According to her, “we are out for financial literacy programme because it is only when the vast majority of the Nigerian population is financially literate that they can come on board the formal financial system thereby contributing to financial stability.

“The consumer education programme will articulate a multi-stakeholder approach to the delivery of financial literacy/education across all segments and sectors of the Nigerian society”.

Outlining the activities for the week-long event, Dutse stated: “Today marks the kick-off of the awareness creation campaign in Jos. We have several stakeholders engagements and public enlightenment activities all geared towards creating consumer awareness and also assuring the public that the CBN has put in place several structures to ensure adequate protection for consumers of financial services.”