Policy Model on Consumer Protection for Digital Financial Services

In the last decade, Digital Financial Services (DFS) has registered a fastpaced growth contributing to the expansion of financial inclusion. This progress has not come without drawbacks – specifically Consumer Protection (CP) related risks.

Though most regulators have instituted regulations on consumer protection for the wider financial market, the unique peculiarities of DFS necessitate relevant reforms/adaptations to existing regulations, to reflect on the increasing role of DFS in the markets.

In line with this, the Digital Financial Services Working Group (DFSWG) and the Consumer Empowerment and Market Conduct Working Groups (CEMCWG) codified key policy guidance from relevant AFI knowledge products developed over the decade, coupled with best practices within the AFI network, in a policy model on Consumer Protection for DFS (CP4DFS).

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