ISLAMABAD: The global consumer movement aims to make effort towards highlighting what fair digital finance means for the everyday consumer.

This was highlighted by The Network for Consumer Protection (TNCP) as it has called for fair digital finance on World Consumer Rights Day (March 15).

Every year on this day, consumer rights groups come together to highlight issues being faced by consumers. This year, Consumers International selected “Fair digital finance” as the theme.

Digital technologies are reshaping payments, lending, insurance and wealth management everywhere becoming a key enabler for consumers of financial services. For example, by 2024, digital banking consumers are expected to exceed 3.6 billion.

In the developing world, the proportion of account owners using digital transactions has grown from 57 per cent in 2014 to 70pc in 2017.

According to a statement, chief executive officer TNCP Nadeem Iqbal said digital finance was the fastest growing area in Pakistan.

“But the existing weak regulatory mechanisms have further compounded consumer protection in the digital financial services too,” he said.

Director General of Consumers International Helena Leurent said: “The rapidly evolving nature of digital financial services is affecting how we spend and save. There is a great opportunity to create technologies that are safe, inclusive, data protected and private, and sustainable for consumers of digital financial services. To make this a reality for consumers, the global consumer movement will mobilise key decision-makers such as businesses and governments to ensure fair digital finance for all.”

Published in Dawn, March 16th, 2022