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Who is a consumer?
A person who buys any goods or services for a consideration, which has been paid or promised or partly paid and partly promised, or under any system of deferred payment also includes the user with approval of such goods or beneficiary of services.
What is Consumer awareness?
Consumer Awareness is an act of making sure the buyer or consumer is aware of the information about products, goods, services, and consumers rights. Consumer awareness is important so that buyer can take the right decision and make the right choice. Consumers have the right to information, right to choose, right to safety. Let us learn more about Consumer rights, responsibilities and consumer awareness in detail.
What are Consumer Rights?
- Right to Safety
- Right to Information
- Right to Choose
- Right to Be Heard
- Right to Seek Redressal
- Right to Consumer Education
How do I know when my rights as a consumer have been infringed upon?
It is important to know your rights as a consumer to understand when you are being treated unfairly. Kindly visit https://www.fccpc.gov.ng/consumers/rights for the list of your consumer rights. You should also look out for CAFEi events and webinars where we invite industry experts to provide insights on these topics and more. The Federal Competition and Consumer Protection Commission (FCCPC) website – https://www.fccpc.gov.ng is also an important resource to learn more about how to protect yourself as a consumer.
What's the difference between saving and investing?
You save money in order to invest it.
While high-yield savings accounts can earn you interest, you’re going to get the best returns when you invest. Once you have saved up an emergency fund, you can start investing any excess savings.
When you invest money, your money will likely earn a greater return than the interest rate it earns in a savings account. If you can afford some risk and wait out the reward, investing in the stock market — most financial planners recommend low-cost index funds for the inexperienced — will almost always have long-term benefits. While there will be ups and downs, you’ll walk away with more money than you had at the start.
I have an issue with my financial institution. What can I do?
To log a complaint against a financial institution, you must take the following steps:
- Report your complaint to the respective branch of the financial institution
- If the complaint is not resolved within two weeks, you have the right to escalate to the Consumer Protection Department (CPD) of the Central Bank of Nigeria (CBN)
- To log your complaint to the CPD directly on the CBN website, visit https://www.cbn.gov.ng/Contacts/Complaints or send an email to firstname.lastname@example.org, email@example.com or call +234 7002255226
When should I start saving money?
Even if it’s N200 a month, it’s good practice to start putting away a percentage of your earnings now rather than later. If you’re not sure what you should be saving for, start with an emergency fund. If an emergency happens, you’ll need something to help you pay for it.
How can I support CAFEi to deliver on its mandate to increase consumer awareness and financial enlightenment?
CAFEi is always happy to partner with individuals, corporations, and other organizations to achieve its goals. We have special events and webinars throughout the year to discuss critical topics related to achieving our mandate and invite you to join and interact with us during these sessions. To assist in promoting the CAFEi agenda through sponsorship and donations please contact us via email at firstname.lastname@example.org or call us on +234 803 388 3711.