Financial consumer protection regulation is an essential element of any inclusive financial system. As the world moves towards deeper and broader financial access, particularly in emerging markets, effective implementation of financial consumer protection and supervision capacity are crucial. With the digital financial services, regulators need to maintain balance with an openness to digital finance innovation, along with appropriate legal frameworks that protect consumers.
Governments in over 50 countries have made financial inclusion a policy priorities and have committed to the Maya Declaration, addressing explicit measures to improve consumer protection. G20 Finance Ministers and Central Bank Governors endorsed the High Level Principles on Financial Consumer Protection in 2011, developed by the OECD Task Force, and the G20’s Global Partnership for Financial Inclusion (GPFI) and the global financial sector standard-setting bodies (SSBs) made consumer protection a pillar of their work.
Publications and Tools
Voice of the Client: An analysis of client satisfaction and consumer protection across four microfinance institutions in India
Microfinance Information Exchange (MIX)
This report presents the findings of the Voice of the Client project in India, a ground-breaking initiative in the microfinance industry developed by Hivos and MIX to leverage mobile technologies as a means to analyze the level of satisfaction of clients with the suite of products and services offered by their MFIs. The analysis is based on data related to client protection principles which were collected from nearly 6,000 clients across four MFIs in India, namely Cashpor, Satin, Sonata, and Ujjivan.
Why Does Consumer Protection Lag in Africa?
Posted by Elisabeth Rhyne, Managing Director, CFI
Sub-Saharan African countries may be leading the world in mobile money and growth in access to accounts, but the state of financial consumer protection in Africa is in urgent need of attention.
Financial consumer protection regulation is an essential element of any inclusive financial system and is an important factor contributing to financial stability. This map shows what frameworks have been enacted as reported by the World Bank’s 2013 Global Survey on Consumer Protection and Financial Literacy.