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Title: Consumer protection in the banking sector: the need for reform to protect bank consumers in Nigeria
Other Titles: Consumer protection in the banking sector
Authors: Uzokwe, Henry Chilewubeze
Advisors: Federico, F
Malinauskaite, J
Keywords: Legal and regulatory framework, financial services, microfinance banks;Financial education and empowerment, administrative and regulatory issues, penalties and punishment;The role of the Central Bank of Nigeria, unregulated market conduct and remedies under the CPC Act;Regulation and supervision of banks, community banks and dispute resolution;Bank regulation in the United Kingdom and Nigeria
Issue Date: 2017
Publisher: Brunel University London
Abstract: The protection of consumers of financial services has attracted a lot of debates following the global financial crisis of 2007 to 2009. As a result, there have been series of reforms in a number of jurisdictions across the globe. Despite this development some countries still lag behind and Nigeria is no exception. This study examines the problems of consumer protection in Nigeria, with specific reference to the bank consumers. The aim is to consider whether the Nigeria consumer protection regime provides “sufficient protection to bank consumers and whether it should be reformed”. The study also focuses on the role of the Central Bank of Nigeria (CBN) in consumer protection, its dispute resolution mechanism and the practical challenges. The test of sufficiency will be analysed and discussed, using ‘consistency’, ‘efficiency’ and ‘accessibility’ in order to illustrate the existing weaknesses in resolving consumer dispute. The approach in this study is doctrinal analysis. In all, the findings suggest that there is need, to reform the consumer protection regime in the banking sector and enforce laws which will address issues highlighted in the study to enable the users of banking services in Nigeria to obtain an appropriate level of protection through regulatory processes. This study, therefore, also provides a comparative analysis between United Kingdom and Nigeria, using current consumer protection framework in the United Kingdom in making proposals for the needed reforms in Nigeria. The study thus concludes with the recommendation that the current Nigerian consumer protection regime does not offer adequate protection; hence protecting consumers require a holistic approach which includes effective consumer protection framework, enforcement, coordination and cooperation from different stakeholders.
Description: This thesis was submitted for the award of Doctor of Philosophy and was awarded by Brunel University London
Appears in Collections:Law
Dept of Politics, History and Law Theses

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