Financial Education & Consumer Protection. Bilha Maina Project Manager - FEPP. Credit Information Sharing….?. Two sides of a coin: To increase access to credit for consumers and enable good customers to negotiate better rates with financial service providers
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Project Manager - FEPP
& increased life
models & delivery
debt & reduced
Low level of
Significant economic benefits to a financial market that works, helping individuals to exploit economic opportunities & build wealth, and businesses to grow & create jobs
Recognise that it remains the responsibility of the consumerer to:
Financial service provider
Important that policy measures are balanced and not impose unreasonable constraints on FSPs that could hamper product availability
However, regulatory requirements on conduct of business are necessary to minimise potential consumer detriment from unfair or exploitative practices by FSPs that may exist in an increasingly competitive environment.
Goal: Foster a healthy and sustainable financial market where FSPs deal fairly & ethically to ensure the best outcomes for consumers
Low financial literacy
Comfortable discussing financial goals with their bank, 57% of consumers who consider themselves financially literate agreed. Likewise, 71% of consumers with good financial literacy said they trusted their bank compared to only 55% of consumers who don’t have confidence in their financial literacy
Empowered consumers who are:
Affordability and suitability
Conduct of Business for Retail Financing
Sales and Marketing
Transparency and Fees
Maybe establish a bureau with core mandates:
To Educate - An informed consumer is the first line of defence against abusive practices. The bureau could work to promote financial education.
To Mediate - Offer independent mediation services to consumers and financial service providers and avail a dispute resolution mechanism that is free of charge to consumers and support by FSP’s through Levy
To Enforce - To supervise banks, MFI’s, SACCO, and other financial service providers and enforce consumer protection, participate in the law making process and enforce compliance.
To Stay Informed - The bureau could act to gather and analyze available information to better understand consumers, financial services providers, and consumer financial markets and avail knowledge
In the event both parties cannot reach an amicable settlement, then the Mediator will make a decision based on the investigation, industry practices, the relevant applicable law and takes into account situations/ circumstances specific to the complaint.
Originally set-up by 94 members. As at to-date we have 106
members (financial institutions that come within the ambit of
- Revise the financial institutions decision
- Make an award favouring the complainant