What the new CBN marketing regulations mean for financial institutions

The era of playful banter and prize-led promos in financial ads is over. With its new circular, the CBN bans comparative claims and chance-based incentives. Here's what it means for Nigeria's financial marketing culture.

In 2018, an exchange among several Nigerian banks on X (formerly Twitter), dubbed #BankWars, highlighted how financial institutions use social media to make light-hearted jabs at competitors.

The exchanges began when Sterling Bank posted a tweet depicting itself as a rocket-bound moon traveller while rival banks remained on the ground, prompting witty responses from Union Bank, Access Bank, and FirstBank. The exchanges, which mixed humour with subtle competitive messaging, quickly went viral.

On Thursday, November 27, 2025, the Central Bank of Nigeria (CBN) issued a circular prohibiting financial institutions from advertising in this manner.

In the circular, the CBN instructed banks, Payment Service Banks (PSBs), and Other Financial Institutions (OFIs) to immediately withdraw all advertisements that are in contravention of Consumer Protection Regulations (2019) and the Guidelines on Advertisements by Deposit-Taking Financial Institutions (2000).

Among other things, the circular instructs that direct or indirect statements comparing or de-marketing competitors, as well as advertisements for lotteries, prize draws, and other chance-based incentives, are now prohibited.

The new regulations put renewed scrutiny on financial institutions’ advertising practices, some of which have relied on subtle jabs at competitors.

In addition to the earlier-stated bank wars example, a 2024 campaign by Cenoa showcases how ads with competitive and comparative undertones have helped financial institutions not only increase engagement but also attract customers.

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In Cenoa’s case, the comparisons were not hidden behind clever words and metaphors. In two of its social media posts, the fintech explicitly compared its rates to those of competitors such as Grey, Chipper Cash, and Payoneer.

These marketing techniques, while engaging and often effective, now fall under the CBN’s regulations, which prohibit comparat...