Maravi

(HERALD) Practise fairness, financial institutions urged

Practise fairness, financial institutions urged
Monday, 25 April 2011 20:20
Business Reporter

THE Minister of Industry and Commerce, Professor Welshman Ncube, has urged local financial institutions to practise fairness and ensure consumer satisfaction in the provision of financial services. He was speaking at the World Consumer Rights Day symposium held last Thursday in the capital under the theme "Consumers for Fair Financial Services".

"There should be reciprocal trust and respect between the consumer and the service providers whereby consumers must receive clear, sufficient and reliable information about the financial services provided to them.

"There is also need for the financial sector to be clearly and properly regulated in order to promote stability as well as protect consumers," he said.

Minister Ncube noted the importance of formulating a Consumer Protection Policy that advocates for and enforces consumer rights while providing a mechanism for redress where such rights are violated.

Also addressing the conference, Consumer Council of Zimbabwe executive director Ms Rosemary Siyachitema said service providers need to take consumer protectionism into account to gain consumer confidence.

"We need transparency in the financial sector and the money we are paying should tally with the kind of services we get," she said.

CCZ national chairperson Mr Phillip Bvumbe emphasised the importance of inclusivity in the financial sector.

He indicated that micro-finance schemes should include the vulnerable as much as possible.

"If the banks are taking 100 percent from the people, they should be willing to give back 51 percent to the same people they depend on for their survival," said Mr Bvumbe.

He also urged Government to put in place the Consumer Protection Act so that all consumers will be able to use it to get a fair deal in the market place.

Other participants at the event said there was need for bankers to either voluntarily or by statute embark on "know your customers' requirements" outreach programme in conjunction with CCZ and to commit a percentage of their remuneration budgets to this exercise.

They also urged the Government to review the financial service provision regulations in the advent of information and communication technologies to promote secure, universal and fair services.

Labels: CCZ, WELSHMAN NCUBE

posted by MrK @ 2:31 PM