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Ensuring Responsible Open Finance for Consumers and their Data

For consumers to harness the benefits of open finance, adopting a comprehensive consumer and data protection regulatory and supervisory framework, putting consumers first, and ensuring collaboration among key actors in the ecosystem is imperative.

Seizing the Moment: FATF Revisions and Financial Inclusion 2.0

The FATF's proposed revisions to its AML/CFT/CPF standards refine how the risk-based approach is implemented. While a step forward, the FI community should consider how much these changes can be leveraged to ensure greater financial inclusion.

FATF Supports Inclusion With Recent Revisions

The FATF is updating its AML/CFT standards, with a public consultation open until December 6. The changes could boost access to financial services, and CGAP calls on the financial inclusion community to review and share feedback.

In Burkina Faso, the Most Vulnerable DFS Users Need Better Protection

DFS users in Burkina Faso face significant risks. A national survey revealed key challenges: poor network quality, fraud, and user difficulties. The most vulnerable—women and rural populations—struggle the most.

The Stories Behind Late Repayment on Digital Credit in Cote D’Ivoire

Borrowers in Cote D’Ivoire had higher rates of loan non-repayment than those in Kenya and Tanzania, and CGAP wanted to know why. Qualitative research results shed more light on the users’ experience and the possible causes of the late repayments.

Surveys Reveal a Path to Responsible Digital Finance in WAEMU

For the first time, there is comprehensive data on digital financial services users in the WAEMU region, and it highlights the need for more responsible digital finance ecosystems. Strengthening consumer protection is crucial.

Are Climate-Related Financial Sector Policies Inclusive for All?

Climate-driven financial policies could inadvertently end up undermining financial inclusion efforts. Authorities and funders must understand the pathways through which risks could occur and the opportunities for supporting green finance effectively.

Supply-Side Gender Data is a Game Changer for Financial Inclusion

Gender-disaggregated data is the cornerstone for designing strategies and interventions that not only help increase women’s use of financial services to be more resilient and prosperous but also empower them to be stronger market players.

Consumer & Data Protection: A New Approach to Intersecting Risks

Consumer and data protection risks have historically been treated as separate concerns. Instead, all authorities involved with consumer data protection should work together to regulate in a way that ensures the responsible use of consumer data.

Stakeholder Landscaping: A Tool for Improved Consumer Engagement

Mapping the stakeholder landscape can be a useful tool to assist market conduct authorities in designing various aspects of a consumer advisory panel, ensuring they make sound strategic decisions about whom to involve and how best to do so.

How Are Climate, Financial Inclusion & Financial Stability Linked?

As financial authorities across the world develop plans to respond to the changing climate, they have opportunities to create a positive feedback loop of expanded financial inclusion and reduced climate risk.

How do Industry Associations Promote Responsible Digital Finance?

CGAP undertook qualitative research on how industry associations can promote responsible digital finance. We identified 10 activities that support customer-centricity, capability, and collaboration – the building blocks of responsible digital financial services ecosystems.

Digital Credit in Côte d'Ivoire: A Double-Edged Service

Digital credit can provide opportunities for financial inclusion and improved resilience, but new survey data from Côte d'Ivoire shows the need for greater consumer protection.

Crypto Consumer Protection: Why ‘Wait and See’ Is No Longer an Option

What was once an edgy new market with promises of high returns is now better known for scandal and volatile losses. Better protections for crypto consumers are urgently needed, especially for those who are low-income and least able to weather losses.

To Reach its Inclusive Potential, Open Finance Needs Data Protection

Open finance gives consumers control over their personal financial data, leading to more suitable and better-targeted financial services. But this ability to move entire financial histories both empowers consumers and poses risks.

Regulators Eye Digital Credit in India: What Does it Mean for MSEs?

The growth of India’s fintech industry has historically been driven by digital payments, but now digital credit is poised to take the reins. But what is digital credit, and how can its regulation help narrow the credit gap for India’s MSEs?

Can Open Banking Support Financial Inclusion in Nigeria or Elsewhere?

Open banking initiatives must be well designed to deliver the benefits they promise consumers and financial service providers - Nigeria’s framework offers a look at both the opportunities and potential pitfalls of implementing such a scheme.

Reading Findex With A Consumer Protection Lens

This year, the Findex database provided new information on the quality of customers’ journeys in accessing and using financial services, including some of the risks consumers face, and the outcomes they experience - we break down the numbers.

Growth of Digital Finance in Côte d’Ivoire is Not Without Risks

While digital financial services are driving financial inclusion in Côte d’Ivoire, we are also seeing the emergence of significant consumer risks that will require concerted action from all stakeholders in the digital finance ecosystem to counteract.

Consumer Advisory Panels: a Tool to Bridge the Regulator-Consumer Gap

How can FCP authorities bridge the regulator-consumer gap and ensure the financial marketplace is fair and balanced for all consumers? One promising solution is consumer advisory panels, which elevate the collective consumer voice.