The Central Bank of Kuwait (CBK) has enacted a significant update to its Bank Customer Protection Guide, consolidating previous regulations into a single, comprehensive framework. The revisions are designed to strengthen transparency, safeguard customer rights, and promote financial inclusion in line with international standards. A key improvement is the mandatory provision of clear, upfront information about products, including all fees and the Annual Percentage Rate (APR), before a customer signs any contract.
The updated guide introduces several critical enhancements for consumer protection. Banks are now required to provide online financial calculators for loans and credit cards and must respond to customer complaints within five working days, a significant reduction from the previous 15-day period. It also enforces stricter data privacy measures and regulates how customer information is shared with third parties.
A major focus of the update is advancing financial inclusion. The guide includes specific provisions to ensure equal access to banking services for people with special needs, guaranteeing privacy during transactions and requiring that bank websites and apps meet international accessibility standards. Banks have been given an implementation deadline and must achieve full compliance with the new regulations by April 2026.
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