A well-informed consumer population will promote a more resilient banking system. As consumers become more aware of their rights and responsibilities in the system, the tendency for banks to offer unethical and risky products is reduced. At the same time, consumers will be able to understand any product they want to acquire and be able to fully understand the risks associated with such product before acquisition. This will not only help in reducing financial crisis, it will also help sustain financial stability.
These were the words of Sarah Alade, deputy governor (Economic Policy), Central Bank of Nigeria (CBN), at 2014 summit of the Bank Customers’ Association of Nigeria (BCAN). Continue Reading