CFTC urges Malawians to report banks

Malawi Banking

Competition and Fair Trade Commission has urged Malawians to report banks which violates their rights when the customers’ are accessing financial services.

According to CFTC, consumers can report to the commission or Reserve Bank of Malawi about challenges such as high bank charges, weak networks or when the customers fail to get cash at the ATM but the money is deducted from their account.

Malawi Banking
CFTC has asked Malawians to report banks which violates their rights.( File)

This was revealed on Friday in Mzuzu where CFTC organised World Consumer Rights Day commemorations under the theme “Consumer Rights in Financial Services”.

CFTC Executive Director of Charlotte Wezzie Malonda encouraged consumers that once they feel that their rights have been violated by a service provider they should first file the complaint to the service provider and if they are not satisfied with the outcome they should inform the commission or Reserve Bank of Malawi.

She added that CFTC chose to focus on financial services this year because consumers are using different platforms to undertake financial transactions and reports show that sometimes their rights are violated.

“We have received many complaints with regards to financial service providers so we felt it was ideal for us to celebrate consumers in financial sector so that we can use it as a platform to give them more information about their rights,” said Malonda.

Deputy Mzuzu City Mayor Alexander Mwakikunga was the guest of honour at the event which was attended by officials from Reserve Bank of Malawi and other government officials.

Activities during the day included a consumer parade within the City, consumer storming in the major townships – Zolozolo, Luwinga, Chibabvi and Masasa, traditional dances, poetry recitals and music.

World Consumer Rights Day is commemorated on 15th March every year. This is a day that consumer protection agencies advocate for consumer rights such as the right to choose, right to safety, right to be informed, right to redress, right to environmental health and right to consumer education among others.