Generic placeholder image

Consumer Empowerment and Market
Conduct Working Group (CEMCWG)

Consumer Empowerment and Market
Conduct Working Group (CEMCWG)

A platform to discuss policy and regulatory issues related to consumer empowerment initiatives and market conduct regulations.

Launched in April 2011, CEMCWG aims to support consumer empowerment and protection in order to help secure access to and improve the quality of financial services. Its prime objective is to develop and share a common understanding of lessons learned and cost-effective policy tools, and to promote their adoption at the national level as well as in a broader international context.

64
Member
Institutions
59
Countries
157
Policy
Changes
15
Knowledge
Products

CHAIR

Moses Musantu, Bank of Zambia

CO-CHAIR

Madalitso Chamba, Reserve Bank of Malawi

CO-CHAIR

Wati Seeto, Reserve Bank of Fiji

  • Develop a shared understanding of good practices and cost-effective policy tools
  • Promote policy adoption at national and international levels

The CEMC Working Group achieves these objectives by:

  • Promoting transparency and disclosure
  • Encouraging effective sales and marketing practices
  • Promoting the harmonization of international initiatives
  • Creating avenues for help and redress
  • Championing the benefits.
  • DFS and Consumer Protection Subgroup (jointly with DFSWG):
    Policy Model on DFS and Consumer Protection.
  • Digital Financial Literacy Subgroup (jointly with DFSWG):
    Guideline Note Digital Financial Literacy and Capability.
  • Financial Education Subgroup:
    Toolkit on Financial Literacy.
  • Complaint Handling in Central Bank Subgroup:
    Toolkit on Complaint Handling in Central Bank.
  • Supervision Mechanisms Subgroup:
    Guideline Note on Impact Assessment of Financial Service Providers.
  • Transparency and Disclosure Subgroup:
    Policy Recommendations on the Effective Redress Mechanisms in AFI Member Countries.
  • Gender Subgroup:
    Risk sharing mechanisms credit guarantees for financing for women.

2020

  • Framework: Complaint
    Handling In Central Bank
  • Experiences in the Implementation of the Principle of Disclosure and Transparency in AFI Member Countries
  • Policy Framework: The Financial Competency Matrix for Adults

2018

  • Case Study: The effectiveness of short-term financial education workshop in rural areas: the case of Armenia

2017

  • Survey Report: Digitally Delivered Credit: Consumer Protection Issues and Policy Responses to New Models of Digital Lending
  • Survey Report: Alternative Dispute Resolution
  • Special Report: Financial Capability Barometer – A new methodology for measuring the financial capability of a country’s population

2016

  • Guideline Note 21 – Market Conduct Supervision on Financial Service Provides: A Risk-based Supervision Framework

2015

  • Guideline Note 17 – Policy Guidance Note and Results from Regulatory Survey

2013

  • Guideline Note 09 – Help and Redress for Financial Consumers
  • Guideline Note 08 – National Financial Education Strategies
  • Guideline Note 07 – Sales and Marketing Practices
  • Guideline Note 06 – Transparency and Disclosure

2010

  • Policy Note – Formalizing microsaving: A tiered approach to regulating intermediation
  • Policy Note – Consumer protection: Leveling the playing field in financial inclusion
  • Bank of Uganda
    Financial Literacy Strategy
  • National Bank of Tajikistan
    Disclosure for Credit Institutions
  • Papua New Guinea
    Financial Consumer Protection Framework
  • Royal Monetary Authority of Bhutan
    Guidelines for Financial Consumer Protection
  • Central Bank of Seychelles
    Consumer Protection Regulation
  • Royal Monetary Authority of Bhutan
    National Financial Education/ Literacy Strategy
  • Banque de la République du Burundi
    Consumer Protection Regulation
  • Bank of Sierra Leone
    National Financial Education/ Literacy Strategy
  • SBS Peru
    Help and redress mechanisms (alternative dispute resolution)
  • Central Bank of Armenia
    Help and redress mechanisms (alternative dispute resolution)
  • Ministry of Finance Swaziland
    National financial education/literacy strategies
  • Banco de la República de Colombia
    National financial education/literacy strategies and help and redress mechanisms (alternative dispute resolution
  • West African Economic and Monetary Union (WAEMU)
    National financial education/literacy strategies
  • National Bank of the Republic of Belarus
    National financial education/literacy strategies
  • Central Bank of Kenya
    Consumer protection guideline
  • Da Afghanistan Bank
  • Banco Central de la República Argentina
  • Central Bank of Armenia
  • Bangladesh Bank
  • Microcredit Regulatory Authority of Bangladesh
  • Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO)
  • National Bank of the Republic of Belarus
  • Royal Monetary Authority of Bhutan
  • Banque de la République du Burundi
  • National Bank of Cambodia
  • Banco de la República de Colombia
  • Superintendencia General de Entidades
    Financieras de Costa Rica
  • Banque Centrale du Congo
  • Superintendencia de la Economía Popular
    y Solidaria de Ecuador
  • Central Bank of Egypt
  • Banco Central de Reserva de El Salvador
  • Ministry of Finance of Eswatini
  • Reserve Bank of Fiji
  • Bank of Ghana
  • Banque Centrale de la Republique de
    Guinée
  • Comisión Nacional de Bancos y Seguros
    de Honduras
  • Central Bank of Jordan
  • Central Bank of Kenya
  • Central Bank of Lesotho
  • Central Bank of Liberia
  • Reserve Bank of Malawi
  • Bank Negara Malaysia
  • Maldives Monetary Authority
  • Banque Centrale de Mauritanie
  • Comisión Nacional Bancaria y de
    Valores (CNBV)
  • Financial Regulatory Commission
    of Mongolia
  • Bank Al-Maghrib
  • Banco de Moçambique
  • Bank of Namibia
  • Nepal Rastra Bank
  • Central Bank of Nigeria
  • Palestine Monetary Authority
  • Bank of Papua New Guinea
  • Banco Central del Paraguay
  • Bangko Sentral ng Pilipinas
  • National Bank of Rwanda
  • Central Bank of Samoa
  • Banco Central de São Tomé e Príncipe
  • Ministère de l’Economie, des Finances
    et du Plan du Sénégal
  • Central Bank of Seychelles
  • Central Bank of Solomon Islands
  • Central Bank of Sri Lanka
  • Centrale Bank van Suriname
  • National Bank of Tajikistan
  • Bank of Tanzania
  • Bank of Thailand
  • Banco Central de Timor-Leste
  • National Reserve Bank of Tonga
  • Banque Centrale de Tunisie
  • Ministère des Finances de la République
    Tunisienne
  • Bank of Uganda
  • Central Bank of the Republic
    of Uzbekistan
  • Reserve Bank of Vanuatu
  • Bank of Zambia
  • Ministry of Finance Zambia
  • Reserve Bank of Zimbabwe

Webinars

When financial service providers offer measures to consumers to cushion the effects of COVID-19, particularly through access to emergency funds, increasing limits for their credit cards or easy access to additional loans, it stringent oversight and enforcement are required to ensure that consumers are not overindebted. Consumer Empowerment and Market Conduct Working Group webinar on Consumer Protection Amidst A Pandemic: Case of COVID-19 discussed policy and regulatory interventions, opportunities for cooperation and partnership, and the role of consumer protection amidst a pandemic.

- Read More

Policymakers and regulators face the challenge of increasing the level of engagement with financial services while at the same time ensuring consumer protection. Webinar session looked into how to design consumer protection strategies that take into account the behaviors of consumers.

- Read More
March 31, 2021
Working group members celebrated for a year of triumphs
March 31, 2021
Working group members celebrated for a year of triumphs
While the COVID-19 pandemic has prevented us from meeting in person over the past 12 months, it also catapulted financial inclusion into the global consciousness for offering one of the few immediate critical solutions as a response to the crisis, as well as towards achieving a m
- Read More
March 11, 2021
Banco Central de Reserva de El Salvador co-hosts CEMCWG & GSPWG meetings
March 11, 2021
Banco Central de Reserva de El Salvador co-hosts CEMCWG & GSPWG meetings
Banco Central de Reserva de El Salvador (BCR) and the Alliance for Financial Inclusion (AFI) co-hosted a joint meeting to strengthen policy discussions on quality content, deepen capacity among members and find synergies on thematic topics between the working groups on 9-10 March
- Read More
March 3, 2021
AFI’s “agility, flexibility & focus” to guide working groups in 2021
March 3, 2021
AFI’s “agility, flexibility & focus” to guide working groups in 2021
Leaders from AFI’s seven working groups convened virtually on 2 March to discuss last year’s achievements and lessons learnt, planned activities for 2021 and to provide strategy updates.
- Read More
November 20, 2020
Financial inclusion elevated at European Microfinance Week
November 20, 2020
Financial inclusion elevated at European Microfinance Week
Financial inclusion was one of the key topics at European Microfinance Week, held on 18-20 November, where staff from AFI’s management unit highlighted various achievements from across the network in addressing the challenges facing consumer protection and savings as well as vu
- Read More
September 9, 2020
Seven working groups hold first virtual convergence
September 9, 2020
Seven working groups hold first virtual convergence
Seven working groups gathered to showcase their progress and achievements over the past year, as the results of AFI’s annual member needs assessment showed that satisfaction with the organization had continued to rise year-on-year.
- Read More
March 30, 2019
Frontier technology risks & rewards highlighted as CEMC and DFS working group meetings end in Nassau
March 30, 2019
Frontier technology risks & rewards highlighted as CEMC and DFS working group meetings end in Nassau
Rapid developments in frontier technologies can boost regulatory compliance and cut long-term costs but expose institutions to risks in data privacy and protection, participants said on March 29 during working group meetings in Nassau.
- Read More
March 27, 2019
Governor of the Central Bank of The Bahamas opens CEMC and DFS working group meetings in Nassau
March 27, 2019
Governor of the Central Bank of The Bahamas opens CEMC and DFS working group meetings in Nassau
The Central Bank of The Bahamas (CBOB) Governor John Rolle and AFI Chief Operating Office Chee Soo Yuen welcomed participants to joint working group meetings in Nassau on March 26.
- Read More
March 21, 2019
AFI members to meet in Nassau for CEMC and DFS joint working group meetings
March 21, 2019
AFI members to meet in Nassau for CEMC and DFS joint working group meetings
Over 100 participants from 52 countries are expected to attend meetings of the Consumer Empowerment and Market Conduct Working Group (CEMCWG) and Digital Financial Services Working Group (DFSWG) working groups in Nassau, co-hosted by the Central Bank of The Bahamas (CBOB) and AFI
- Read More
March 8, 2018
Data analytics reveal insights into financial literacy challenges for women, outcome of CEMC & FID Working Group meetings in Mexico
March 8, 2018
Data analytics reveal insights into financial literacy challenges for women, outcome of CEMC & FID Working Group meetings in Mexico
“As technology increasingly drives financial services for the financially excluded, regulators must see to it that this growth is matched by mitigations for the digitally vulnerable,” emphasized Christine Alupo, Bank of Uganda while attending the CEMC and FIDWG meetings in M
- Read More
March 6, 2018
The 15th CEMC & 17th FID Working Group meetings kick off with strong call for smart & sustainable policies in financial inclusion
March 6, 2018
The 15th CEMC & 17th FID Working Group meetings kick off with strong call for smart & sustainable policies in financial inclusion
It’s an exciting week! Together with Comisión Nacional Bancaria y de Valores de México (CNBV), AFI kicks off the 15th Consumer Empowerment & Market Conduct (CEMC) and 17th Financial Data Inclusion (FID) Working Group meetings in Merida, Mexico, from 5-8 March, 2018.
- Read More
Newsroom
Working Groups and Regional Initiatives Report 2020

Despite the global pandemic, AFI network members were swift to implement policy responses and leverage the peer learning and knowledge sharing platforms offered
Read more
Digital Financial Literacy

This Guideline Note presents key considerations for regulators and policymakers to understand, develop, facilitate policies and design interventions at advancin
Read more
Risk Sharing Facilities: Mobilizing Finance for Women-led MSMEs

The purpose of this toolkit is to assist AFI members to conceptualize and design risk-sharing facilities  to encourage formal financial institutions to finance
Read more
Guideline Note on Data Privacy for Digital Financial Services

Provides complete policy guidance and regulatory framework for data privacy for digital financial services (DP4DFS).
Read more
Consumer Protection for Digital Financial Services: A Survey of the Policy Landscape

Through examples and case studies, this survey report examines the state of regulation of CP4DFS in AFI member countries and provides practical insights for pol
Read more
Financial Education in Latin America and the Caribbean

This case study assesses the development of financial education in different countries in Latin America and the Caribbean region, their varied approaches, and t
Read more
Policy Model on Consumer Protection for Digital Financial Services

The CEMCWG and DFSWG codified key policy guidance from relevant AFI knowledge products developed over the decade, coupled with best practices within the AFI net
Read more
Consumer Empowerment and Market Conduct (CEMC) Working Group 2020 Factsheet

The CEMC Working Group is a platform for policymakers to advance policy and regulatory issues related to consumer empowerment initiatives and market conduct reg
Read more
The Financial Competency Matrix for Adults, A Policy Framework

The Financial Competency Matrix for Adults has played an important role in the development and measurement of financial education policies in Armenia.
Read more
2019 Working Groups and Regional Initiatives Report

This year saw the expansion of the number of Working Groups from six to seven through the addition of the Inclusive Green Finance Working Group (IGF), which lev
Read more
Experiences in the Implementation of the Principle of Disclosure and Transparency in AFI Member Countries

To establish a deeper understanding on the challenges of implementing the Disclosure and Transparency Principle of Consumer Protection faced by member countrie
Read more
Complaint Handling In Central Bank Framework

This Framework offers guidance on how Central Banks can manage the responsibility of handling consumer complaints in an efficient and effective manner.
Read more
2017 Working Group and Regional Initiatives Report

This report covers the Working Groups and Regional Initiatives’ objectives, meetings, member institutions, subgroup activities and deliverables.
Read more
The Effectiveness of Short-Term Financial Education Workshops in Rural Areas: The Case of Armenia

Download the case study to learn more about measuring the effectiveness of financial education workshops.
Read more
CEMC Survey Report: Alternative Dispute Resolution

Read more
Explore Publications

© Alliance for Financial Inclusion 2009-2021