A financial sector that works for consumers has a suite of products and features that are suitable to consumers’ needs, are safe from cybercrime and that protect consumers’ privacy. Ideally, empowered consumers exercise an informed choice, understand the information disclosed to them, and have their voice heard in their interaction with financial services providers and agents.
The reality is often different. Cenfri’s consumer outcomes work aims to bridge the gap. We have worked with Consumers International, CGAP, GIZ, FSD Kenya, FSCA South Africa and the SADC Secretariat. Our track record includes policy briefs, regional consumer protection guidelines, financial inclusion measurement, measurement of consumer outcomes, and country-level consumer protection technical assistance.
We also have a significant body of work on behavioural science and its application in the financial sector.
Consumer outcomes: the holy grail. If you think about it, consumer protection is the ultimate raison d’être of all financial sector regulation. But what is “success” in consumer protection? The approach to financial consumer protection regulation has evolved over time. In recent years, more regulators have started to shift from a
Consumers face several frustrations with the potential to affect their experience of digital financial services. These include system glitches, inappropriate design, fraud, cybercrime, data breaches, opaque pricing, and more. The Digital finance: The consumer experience, 2023 report, which Cenfri developed for Consumers International, provides an assessment of the scale of
Expanded smartphone access in Africa underpins evolving consumer behaviour. Smartphone uptake in Africa is growing rapidly. GSMA reported that smartphone adoption in sub-Saharan Africa reached 45% in 2018 – nearly half a billion people – and is projected to reach 66% by 2025. To put that further into perspective, 623
Like a well-plotted mystery, the story of how the novel coronavirus is affecting our world adds a new chapter every day. From today’s vantage point, no one can see how it will turn out. One thing that is clear, however, is that the financial health of many if not most
As South Africans finally enjoy some exercise in the open air after six weeks of strict government-imposed lockdown, the biggest question on everyone’s minds is: What does the path back to normality look like? The strict measures have been successful in flattening the curve and have bought valuable time to
Data from China suggests that men are more likely to die from COVID-19 than women, but the global circumstances of women (e.g. more vulnerable economic positions than men, taking on more unpaid care work) and experiences from previous pandemics (such as Ebola) tell us that the economic fall-out and subsequent recovery are likely to hit women harder
In our previous article we took a first look at the different ways in which COVID-19 and its associated economic measures impact men and women in Kenya, Nigeria and South Africa. Using the nationally representative survey data from the COVID-19 Tracker, in this article we take a closer look at
Amid the COVID-19 pandemic, governments across the world are asking individuals to stay at home. Lockdown, self-isolation and quarantine are becoming a part of our everyday vocabulary as the world tries to slow the spread of the virus. Undoubtedly many of you have received a text message from your government
On 1 May 2020, South Africa lowered its lockdown restrictions to Level 4 – a level at which the economy began reopening and several significant restrictions for South African citizens were eased. With some businesses reopening and reduced restrictions on movement, the difficult trade-offs between public health and economic recovery
Webinar: The impact of COVID-19 on financial health The impact of COVID-19 on financial health webinar explored the impact of COVID-19 on financial health in developed and emerging economies. It looked outside of Africa, to Asia and the US, where the impact of COVID-19 has been felt for longer.
Central banks across the developed and developing world have begun considering the possibility of implementing a Central Bank Digital Currency (CBDC) to enhance drivers for economic growth and financial sector development such as financial inclusion, digital financial services and national payment system (NPS) efficiency. CBDC is a digital representation of
