World Bank conducts Zimbabwe consumer-protection review

Thursday, July 24, 2014

A WORLD Bank mission team is in the country to conduct Zimbabwe’s first Consumer Protection and Financial Literacy (CPFL) Diagnostic Review amid revelations that consumers were being prejudiced by financial institutions.

The review follows a request by the Finance and Economic Development ministry and the central bank.

The team, which jetted into the country last week and will be leaving tomorrow, worked with financial sector authorities, industry and civil society stakeholders to assess the existing legal framework, institutional and implementation arrangements for financial consumer protection and financial literacy in Zimbabwe with reference to international practices.

The CPFL Diagnostic Review is expected to make recommendations for a CPFL reform programme.

“The review will cover the banking, non-bank credit institutions, securities, insurance, and pensions sectors as well as financial literacy-related programmes in Zimbabwe,” World Bank finance and private sector development specialist Crispen Mawadza said.

The World Bank mission comprised several experts in the field of financial inclusion, among them senior financial specialist Ros Grady, banking expert and senior financial specialist Jennifer Chien, non-bank credit institutions expert and consultant Ivo Jeni, pensions expert Fiona Stewart, insurance expert and consultant Manuel Peraita.

Source: News Day (link opens in a new window)

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