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
How to seed connections with customers through SMS and DMs The last two decades have seen extraordinary growth in digital connectivity, particularly due to the growth in mobile technologies. In sub-Saharan Africa (SSA), for example, 93% of the population had mobile cellular subscriptions in 2020, up from 76% in 2015
After conducting a systematic review of how behavioural science can be used to drive financial inclusion, our team was inspired to continue our efforts in the field. We provided training on the behavioural design process, assisted companies with consumer research and user experience design and conducted an end-to-end behavioural design
Behavioural science studies how people behave and tries to answer why they behave in the way they do. This is done by looking at how people process information and how context affects our decisions. Being aware of their customers’ decision-making processes can help financial services providers develop products that really
How can we strengthen female resilience in a COVID-19 context? The COVID-19 pandemic and related measures are affecting women’s lives disproportionately and differently to those of men. This is due to several reasons; generally, women earn less, hold less secure jobs, and are more likely to be employed in the
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
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
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
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
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
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
How to seed connections with customers through SMS and DMs The last two decades have seen extraordinary growth in digital connectivity, particularly due to the growth in mobile technologies. In sub-Saharan Africa (SSA), for example, 93% of the population had mobile cellular subscriptions in 2020, up from 76% in 2015
After conducting a systematic review of how behavioural science can be used to drive financial inclusion, our team was inspired to continue our efforts in the field. We provided training on the behavioural design process, assisted companies with consumer research and user experience design and conducted an end-to-end behavioural design
Behavioural science studies how people behave and tries to answer why they behave in the way they do. This is done by looking at how people process information and how context affects our decisions. Being aware of their customers’ decision-making processes can help financial services providers develop products that really
How can we strengthen female resilience in a COVID-19 context? The COVID-19 pandemic and related measures are affecting women’s lives disproportionately and differently to those of men. This is due to several reasons; generally, women earn less, hold less secure jobs, and are more likely to be employed in the
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
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
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
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
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
