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Policymakers view financial inclusion and financial integrity as mutually reinforcing policy goals. Since 2011, about 2 billion people have gained access to formal financial services. But how has increased financial inclusion served financial integrity objectives?
This blog explores how digital financial service (DFS) risks—like fraud and data misuse—are becoming more complex due to AI, social media, and organized crime, emphasizing the need for stronger market monitoring to protect consumers.
As open finance grows, clear liability frameworks are essential to protect consumers from fraud and data leaks. This blog explores how global regulators can build trust through better accountability, stronger consent, and collaborative oversight.
Do financial institutions’ consumer protection policies actually deliver good outcomes for customers? Traditional frameworks focus on compliance, but emerging approaches reveal the need to measure positive customer experiences and outcomes.
National Financial Inclusion Strategies remain a key policy tool to expand financial inclusion. By looking at what different NFIS prioritize, we can see how financial inclusion strategies are beginning to shape more responsible financial ecosystems.
We unpack the biggest challenges that digital financial services pose to consumer safety, and recommend what providers, financial authorities and other actors can do to ensure that digital financial inclusion remains safe, fair, and trusted.
Artificial Intelligence can transform financial inclusion and digital financial services, but it can also increase consumer risks like fraud, data misuse, and lack of transparency.
CGAP’s WAEMU Lab has been working to improve consumer protection for DFS users in Côte d’Ivoire, Senegal, and Burkina Faso. A 2022 survey in Côte d’Ivoire revealed significant risks, but a 2024 follow-up showed progress, with 3 key lessons emerging.
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.
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.
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.
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.
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.
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.
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 can provide opportunities for financial inclusion and improved resilience, but new survey data from Côte d'Ivoire shows the need for greater consumer protection.
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.
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.
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.
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.
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