More and more policymakers are now recognizing that financial exclusion is a risk to political stability and impedes economic advancement, and that financial inclusion measures can complement, not undermine, financial stability, financial integrity, and consumer protection.
Kenyan regulators took action to disclose Lipa na M-Pesa’s pricing structure. The move highlights a growing problem as digital financial services expand: Existing financial consumer protection rules are not being enforced consistently on these delivery channels.
Tremendous gains have been made in Ghana's microinsurance market in recent years. Here's what the National Insurance Commission of Ghana, along with the German Development Corporation, did to help develop the market - and what challenges lie ahead.
Mobile money has had bad press lately for fraud-related cases. Most of the reported cases were either the result of internal employees misusing the system to cause operator losses or fraudsters trying to scam unsuspecting users. There is another angle that rarely gets any press—when users or agents abuse the platform and use it in rogue ways that it was never intended.
But what does this movement towards codes of conduct amongst microfinance associations mean from the policy perspective? Policymakers (and the rest of us) cannot count on the microfinance industry to handle client protection all on its own.
Davel helped create South Africa’s National Credit Regulator, one of the world's most capable financial consumer protection agencies. In a new Focus Note, Davel draws on a number of debt crises and distills his own experience into practical guidance.