The World Bank and the Central Bank of Azerbaijan (CBA) recently presented a plan titled, “The Protection of Rights and Financial Literacy of Financial Service Consumers in Azerbaijan.” According to the Azerbaijan Microfinance Association (AMFA), which is a trade association representing Azerbaijani non-bank credit organizations, approximately 1,200 consumers provided feedback towards the development of the consumer protection plan. Mr. Alim Guliyev, CBA First Deputy CEO, states that the plan is based on two developments in the financial services sector, i.e., the introduction of financial sector legislation and regulation as well as the rise in the financial literacy of the population. CBA will be the coordinating body between different areas of the financial services sector, including banking, insurance and investment services. In connection with these developments, CBA will create a special unit and hotline dedicated to responding to consumer complaints regarding business practices. Mr. Guliyev comments that the “[P]rotection of the consumers’ rights is especially important in the conditions of financial crisis.”
Similar Posts:
- MICROCAPITAL BRIEF: Enabling Qapital Loans $10m to AccessBank for Microfinance, SME Lending in Azerbaijan
- MICROCAPITAL BRIEF: World Bank ARISE Program Includes $230m Loan for Farmers in Ukraine
- MICROFINANCE EVENT: Global Forum on Remittances, Investment and Development (GFRID); June 14-16, 2023; Nairobi, Kenya
- MICROFINANCE PAPER WRAP-UP: “The Global State of Financial Inclusion and Consumer Protection 2022,” by Buddy Buruku et al, published by the World Bank Group
- MICROCAPITAL BRIEF: Cambodia Microfinance Association, NBC Launch Project to Increase Financial Literacy, Consumer Protection