Minister questions digital finance quality

Honourable Minister of Industry and Trade, Mark Katsonga Phiri MP, has questioned the quality of digital finance in the country and has since called upon service providers to improve on service delivery.

Speaking during the peak of the 2022 World Consumer Rights Day (WCRD) celebration in Mchinji on Thursday 24th March, under the theme “Fair Digital Finance”, the Minister said whilst the focus is increasingly on promoting financial inclusion and a cashless society, questions still remain about how to improve the quality of the services.

“Consumers are also faced with challenges of information asymmetries especially in micro finance, fraud, scammers and other bottlenecks in the digital finance. Therefore, consumers here present, including myself, are interested to understand how they should deal with emerging consumer protection challenges brought by technological advancements,” said Katsonga.

Speaking during the same function, CFTC Commissioner, Mtisunge Mipando encouraged stakeholders to work together in reducing digital finance transaction costs which impinge on access to financial services.

CFTC Acting Executive Director, Apoche Itimu said the WCRD celebrations were important because they raised awareness on consumer rights in relation to digital finance.

The WCRD falls on 15th March every year and is an annual occasion for celebration and solidarity within the international consumer movement. Participants observe the day by promoting the basic rights of all consumers and demanding that those rights are respected and protected.