The Competition and Fair Trading Commission (CFTC) has embarked on a sensitization campaign to raise awareness about consumer rights on digital finance across the country.
CFTC Acting Executive Director, Apoche Itimu, said consumers are experiencing a number of challenges on the market in accessing digital finance.
“Although there has been considerable increase in the access to digital finance, there are still a number of challenges like high transaction costs, fraud and financial scams, service downtime and information asymmetric between consumer and service provider,” she said.
Itimu said the activities are part of the World Consumer Rights Day, which falls on 15th March every year.
Activities in Malawi include road shows, market inspections, radio programs and consumer surgeries where consumers will be able to lodge complaints to the Commission.
However, Itimu said, Malawi will mark this year’s celebration in Mchinji on March 24, 2022.
This year’s day is celebrated under the theme: “Fair Digital finance.”
The theme highlights the growing importance of digital finance.
According to consumers international, digital technologies are reshaping payments, lending, insurance and wealth management everywhere and becoming a key enabler for consumer financial services.