As part of a high-level forum on the promotion of financial literature for enhanced consumer protection organized in Dakar by the Central Bank of West African States (BCEAO), on Tuesday, the Swiss Ambassador to Senegal, Weichelt Krupski Marion put forward some good practices in consumer protection in the countries of the West African Economic and Monetary Union (UEMOA).
By Massamba Sall
“Good protection practices require that customers be informed about the terms and conditions of use of products,” she suggested.
In the same vein, the Swiss diplomat is convinced that the comparison between offers must be made easier so that consumers can make informed financial decisions.
“It is also necessary to introduce regulations limiting abusive commercial practices and facilitating access to redress mechanisms,” she added.
In addition, she considers that the digitalisation of financial services, in particular through the use of smartphones, also poses new risks, such as extortion or identity fraud.
It is therefore important to better protect consumers against abuse but also to ensure that they are treated fairly by financial service providers, she points out.
Switzerland is a privileged partner of BCEAO in its financial inclusion project.
In May 2019, it signed an agreement worth more than CFA2.5 trillion with BCEAO to support the implementation of the regional financial inclusion policy.
This agreement completed a first contract signed with the Swiss Capacity Building Facility (SCBF) for CFA2.4 billion.
It has since been supplemented by further support to the Social Performance Task Force (SPTF) for over CFA 600 million.
MS/te/lb/as/APA