Tuesday, September 27News That Matters

World Consumers Rights Day: CAMA for tangible digital financial platform

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The country is to join the rest of the world in celebrating World Consumer Rights day which falls on 15th March every year.

In a statement Consumer Association of Malawi (CAMA) John Kapito said the commemoration aims to raise global awareness of Consumer Rights.

Kapito said Consumers has several Rights that are provided for under the laws of Malawi and most of rights are core and relate to the direct protection of consumers.

He said the Rights of Consumers include the following; the right to safety, to be informed, to choose, to be heard, to basic needs, to redress, to consumer education and the right to healthy environment.

Kapito observes that digital financial platforms have been introduced and they are assisting consumers with affordable and easily accessible financial technologies.

He said CAMA is also aware that every technology has got its own challenges and there is need for Consumers to appreciate and understand these Digital Financial Platforms while at the same time understand their implications and challenges.

He said the new Digital Finance Platforms Consumers are now using mobile money, local and international money transfers, local and international purchases and the benefits are many.

Kapito added that said some of these Digital Financial platforms have also negatively affected Consumers through fraudulent practices.

“We have noted increases in fraud on both mobile money and other Digital Financial Platforms and it
requires Consumers to be equipped with knowledge on how to avoid such negative transactions.

“We therefore appealing to government to put in place strong regulatory Systems in order to ensure that only genuine traceable business transactions are done online and with reputable institutions in order to allow the growth of these new Digital Financial Technologies that ave potential to increase financial inclusion in the country,” said Kapito.

This years commemoration is themed at World Consumer Rights Day this year is Fair Digital Finance.“`

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