Elevating the collective voice of digital financial services (DFS) consumers can give them more say and more power in the financial sector. Through a stronger consumer voice, regulators will gain a better understanding of the risks facing consumers and adapt regulations accordingly, thus making financial services more responsible. Through its research, CGAP identified three opportunities to elevate the consumer voice that deserve support: consumer groups and associations; regulatory consultative bodies; and technologies that elevate the consumer voice. This paper explores the potential impact of incorporating the collective voice of consumers into financial sector policy and regulation, and opportunities for funders to help elevate these voices.
Consumer associations can play an important role in improving consumer protection in low- and middle-income countries. This report by Consumers International was supported by CGAP as part of an effort to “elevate the collective consumer voice” in financial regulation.