This week, AFI’s Consumer Empowerment & Market Conduct (CEMC) and Global Standards Proportionality (GSP) Working Groups are meeting in Dilijan, Armenia. Representatives from 50 AFI member institutions are attending the event, co-hosted with Central Bank of Armenia (CBA).
In his opening remarks, Hovhannes Khachatryan, Deputy Governor, Central Bank of Armenia, highlighted the vital role of financial inclusion in bringing more people into the economy, but stressed the need to balance support of the financial system with protecting consumers, “especially in this era of digital transformation and digital channels, where frauds and misbehavior can compromise the financial system and increase social anxiety. We need to learn from each others’ experiences in this area.”
Dr Eliki Boletawa, AFI’s Director of Policy Programs and Implementation, said that “although the focus of the two AFI Working Groups differs, they share a common objective: to build financial systems that are robust, inclusive and adaptable to change, with which consumers can engage with confidence and trust. The GSP Working Group has undertaken a mapping of the gaps in global standards for consumer protection, which will be presented this week, and which can now be utilized by the CEMC Working Group in its ongoing efforts to develop a comprehensive approach to consumer protection.”
You can learn more about the CEMC and GSP Working Groups on their websites: