Zambia, New Zealand Win ICPEN Award on Consumer Protection in the Digital Era
2021-06-29Zambia and New Zealand have won this year’s 2nd category of the International Consumer Protection and Enforcement Network (ICPEN) award which focused on the submission of success stories by ICPEN member countries on “Financial Consumer Protection in the Digital Era.”
The three nominees under the named category were the Competition and Consumer Protection Commission (CCPC) Zambia, Ireland and New Zealand respectively.
During the competition, CCPC virtually presented on the campaign it conducted among 50 schools through the creation of posters which were targeted towards the rural population, financial service providers and financial sector regulators with the aim of enhancing financial inclusion and capability in the rural areas of Zambia under the Rural Finance Expansion Program (RUFEP).
The posters distributed conveyed tips of messages on full disclosure of financial services, privacy of consumer financial data, financial consumer redress, use of financial products/services, cybercrimes and cyber security as well as awareness on online transactions.
The poster competition and other interventions collectively increased financial consumer awareness especially among rural citizens with evaluations done indicating that;
▪ 98% of the respondents were aware of digital financial services and products.
▪ 80% felt empowered to make digital financial decisions resulting from the acquisition of information on financial consumer protection in the digital era.
80% indicated that they shared information on financial consumer protection in digital era
▪ 75% indicated that they shared with more than five (5) people.
▪ 56% of the respondents indicated that they became aware about redress and escalation processes related to digital financial products and services.
▪ 68% of the respondents indicated that after the initiative they made use of mobile money while;
▪ 20% indicated that they made use of digital financial services in the banking, insurance and pensions sectors.
The award was during the ICPEN annual conference under the Canadian Presidency which was conducted virtually from 23rd to 24th June 2021. This shows increased confidence in Zambia’s initiatives with regards to financial education by members of the ICPEN community. The ICPEN awards are held once annually and were introduced during the Zambian Presidency in 2018-2019. The awards are meant to acknowledge and celebrate the different initiatives and interventions by member countries in various areas of interest with regards to consumer protection.