The rapid growth of Digital Financial Services has been a major driver of financial inclusion, yet it also introduces new challenges — including fraud, data breaches, and cyber risks.

From 7 to 10 October, AFI’s Sub-Saharan Africa members gathered in Kigali, Rwanda for a Regional Training on Leveraging Digital Technology for Enhanced Consumer Protection. Hosted by the National Bank of Rwanda (NBR), the event focused on how regulators can harness technology to safeguard consumers while supporting innovation.

“As regulators and policymakers, it is our duty to ensure that frameworks are in place that can protect consumers, while at the same time fostering innovation,” said Kimenyi Valens, Executive Director of Financial Sector Development and Conduct at the National Bank of Rwanda.

During the program, participants gained practical insights into strengthening consumer protection without stifling innovation. Sessions explored how to:

• identify and mitigate consumer risks associated with digital financial services
• leverage SupTech and RegTech for improved market conduct supervision
• use technology to enhance financial education and grievance redressal mechanisms.
• coordinate action across stakeholders

“Consumer protection cannot be achieved by regulators alone,” explained AFI’s Senior Digital Financial Services Policy Analyst, Ira Aprilianti. “Challenges like poor service delivery, cybersecurity risks, and limited consumer awareness can only be solved with stakeholder support.”

AFI members sharing insight included the Bank of Tanzania, Bank of Uganda, Central Bank of Kenya, Bank of Ghana, Bank of Zambia, Central Bank of Nigeria, Bank of Namibia, Central Bank of Eswatini, Reserve Bank of Malawi, and the Bangko Sentral ng Pilipinas. AFI partners GSMA and Innovations for Poverty Action also contributed to the discussions.

“[This training] not only enriches our regulatory approaches, but also ensures that financial services continue to drive inclusion and empowerment across our region, highlighted Mr. Valens.

The training drew on key AFI knowledge products, including the Policy Model on Consumer Protection for DFS, which supports members to build resilient, technology-driven, consumer protection frameworks.