Consumer Protection

27 January 2010: AFI launches its "Policy Note Series", with the first note focusing on the issue of consumer protection.

The Bank of Uganda (BoU) is using a short term grant to bolster consumer protection and financial literacy. In an attempt to study consumer protection practices that can be applied in Uganda, the bank has already embarked on knowledge exchanges to both Peru and Mexico.

The goal of the grant is to aid in the development of a consumer protection and literacy strategy well suited for Uganda.

On 26-27 May 2011, AFI participated in the “Partnering to Turn Financial Literacy into Action” conference hosted by the Financial Consumer Agency of Canada (FCAC) and the Organization for Economic Co-Operation and Development (OECD).

On 30 June 2011, the third Mobile Money for the Unbanked (MMU) Leadership Forum was held in Singapore with strong support from the AFI network. The forum brought together decision makers from financial regulatory authorities and mobile operators from over 20 countries. Many AFI members, including Mr. Nestor A. Espenilla Jr. (Philippines) the AFI Policy champion on mobile financial services & financial inclusion strategy, were among the participants.

Banque Centrale du Congo (the Central Bank of Congo (CBC)) is the latest AFI member to make specific commitments under the Maya Declaration.

To enhance financial inclusion efforts designed to extend financial access to its nation’s unbanked population, the BCC has committed to following actions in 2012 and 2013:

• Completing the modernization of the National Payment System by the end of 2013;

• Introducing mobile financial services and agent banking by end of December 2012;