Tanzania: Tcf Advocates for Fair Digital Finance Services

 

By Hilda Mhagama

THE Tanzania Consumer Forum (TCF) Chairperson, Mr Leo Ngowi has emphasized the role of a global, collaborative, and coordinated strategy to ensure that everyone has access to fair digital finance services.

Mr Ngowi said the rapidly evolving and complex nature of digital financial services demonstrate the need for innovative regulatory approaches and digital financial services and products that prioritize consumer protection and empowerment.

He made the comments in Dar es Salaam on Saturday, ahead of World Consumer Rights Day, which will be observed on a national level in Zanzibar from March 12 to 15.

"It is now more necessary than ever to build on our knowledge and collaborate to understand what fair financial services look like in a digital age, and what role consumer-cantered financial services can play in global concerns like sustainability, "he said.

The TCF Chairperson stated that collaboration was critical since digital financial services have introduced new risks while worsening existing ones, which can lead to unjust consumer outcomes and put the most vulnerable behind in an increasingly cashless society.

March 15 has been designated as World Consumer Rights Day since 1983. Every year, this is an opportunity to highlight the fundamental rights of all consumers, as well as the need of recognizing and defend their requirements. This year's theme is 'fair digital finance.'

Higher rates, inadequate services or products, certain individuals utilizing networks to defraud others, and not obtaining proper service on time, according to him, are among the concerns that directly affect consumers in various sectors.

Other instances include deception in various products, such as height, volume, and weight is reduced without the customer's knowledge; payment service confidentiality; additional deductions on electronic services without the customer's knowledge; and product descriptions written in a language that the customer does not understand.

Ms Hadia Abdulrahman Othman, Executive Secretary of the Customer Representative Council (CRC) of the Zanzibar Utilities Regulatory Authority (ZURA), said that this year the forum has teamed up with them to organize Consumer Rights Day in the Isles to exchange expertise.

"TCF is made up of government institutions created under the Tanzanian Parliament's statutes and the Revolutionary Government of Zanzibar's statutes to advocate for and protect consumer rights and interests," she stated.

According to Ms Othman, the platform addresses cross-cutting issues in the regulated and unregulated sectors and establishes coordinated strategies to address such challenges to improve consumers' interest in the nation's development.

TCF will conduct a week-long event at the Idrissa Abdul Wakil Hall in Stone Town, Zanzibar, beginning on March 12, 2022, according to her.