Cashless Policy and Consumer Protection: A Critical Appraisal of the Nigerian Cyber Laws

Abstract

This article in discussing the transitioning of Nigeria to a cashless economy, considers the regulatory framework in place to protect consumers from cybercrimes that surfaced with the policy. A critical appraisal of the existing cyber laws in Nigeria showed consumers have been left in the loop, whilst the law has failed to effectively protect bank consumers from the onslaught of cybercrimes which accompanied the cashless policy. An analysis of the consumer protection framework especially those issued by the Central Bank of Nigeria revealed inadequate protective mechanism for consumers whilst the required standard for compliance by banks has been evasive. Amongst the recommendations given is the need to specify the standards required for banks for effective consumer protection while a specified body should be created to ensure strict compliance. This article concludes by emphasizing that even though a cashless economy is of immense benefit, there is need for banks to put appropriate infrastructures in place that will shield its consumers from cybercrimes and enhance consumer confidence in financial institutions generally.

Keywords: Cashless Economy, Bank Customers, Cybercrimes, Cyber laws, Central Bank of Nigeria, Consumer Protection.

DOI: 10.7176/JLPG/100-02

Publication date:August 31^st 2020