The rise of digital financial services is closing the gap in financial inclusion — bringing products like mobile banking, digital payments, and MSME lending to individuals and businesses who have long been left out of the financial system. Consumer protection plays a critical role in responsible digital finance.
As the financial services market continues to evolve, established financial institutions have moved online and fintech startups have pioneered new ways of providing digital products and services to customers. But users may not be aware of the risks to their personal information or know how to protect their data, devices, and accounts when they’re online. For these new tools to benefit all customers, while protecting their resources and sensitive information, consumer protection must be built into financial products and services from the start.
Consumer protection refers to the laws, regulations, standards, and practices that promote the well-being of customers and the protection of consumer rights. For consumer fintech companies and other financial service providers, particularly those working in financial inclusion with historically marginalized groups, protecting customers means delivering transparent, respectful, and prudent financial services to all clients.
At Accion, we focus on consumer protection while working across the globe, and we share our experience to help influence the industry to maintain high standards to empower consumers.
Related Content
Research
From the Center for Financial Inclusion
CFI uses research and advocacy to ensure consumer protection and responsible finance practices are at the center of delivering inclusive financial products and services.