The rapid growth of digital financial services (DFS) has broadened access to formal financial services across Africa. However, it has also exposed consumers to rising risks in digital environments, including fraud and cybercrime. These developments mean that countries must strengthen traditional financial consumer protection frameworks and incorporate additional safeguards tailored to  DFS.

Together with the Alliance for Financial Inclusion (AFI), Cenfri undertook an implementation assessment analysing how well AFI member institutions in Africa, comprising Central Banks and Regulatory authorities, have applied the 2020 Consumer Protection for Digital Financial Services (CP4DFS) policy model. The policy model outlines five pillars and detailed sub-guidelines for applying consumer protection principles in rapidly evolving DFS markets.

The assessment examined the model’s effectiveness in supporting stronger consumer protection, improving trust, and advancing financial inclusion in an increasingly digital financial ecosystem.

The findings show that African members have focused primarily on strengthening foundational consumer protection frameworks, with more limited implementation of the policy model’s detailed and prescriptive sub-guidelines. This indicates that implementation is occurring gradually: members are first consolidating the basics of financial consumer protection before shifting towards DFS-specific risks and interventions. Many members also expressed the need for further implementation guidance from AFI to support this transition.