Consumer Association of Malawi (CAMA) has appealed to government to put in place strong regulatory systems in order to ensure that only genuine traceable business transactions are done online and with reputable institutions in order to allow the growth of the new digital financial technologies that have potential to increase financial inclusion in the country.
The plea was made yesterday in a statement the organizations released for the World Consumer Rights Day.
CAMA Executive Director John Kapito noted that there is an increase in fraud on both mobile money and other digital financial platforms and this requires consumers to be equipped with knowledge on how to avoid such negative transactions.
He said that they are also aware that every technology has got its own challenges and there is need for consumers to appreciate and understand the digital financial platforms while at the same time understand their implications and challenges.
“With these new digital finance platforms consumers are now using mobile money, local and international money transfers, local and international purchases and the benefits are many.
“Some of the digital financial platforms have also negatively affected Consumers through fraudulent practices,” he said.
In Malawi a number of digital financial platforms have been introduced and they are assisting consumers with affordable and easily accessible financial technologies.
A consumer has several rights that are provided for under the Laws of Malawi and most of these Rights are core and relate to the direct protection of consumers.
The rights of consumers include right to safety, to be informed, to choose, to be heard, to basic needs, to redress, to consumer education and to healthy environment. The theme for World Consumer Rights Day this year is fair digital finance.
