Consumer Protection pertains to the means
necessary to safeguard the interests of consumers and empower
them to be aware of their rights and make prudent and informed
decisions on products and services to be acquired or availed
of.
To safeguard the interests of microfinance clients and prevent
undesirable practices of service providers, the following
measures need to be pursued:
- transparency of transactions;
- implementation of regulations on financial practices;
- promotion of consumer literacy; and
- implementation of mechanisms for filing and handling consumer
complaints and grievances.
NAPC is spearheading the promotion of consumer
protection in microfinance through its initiatives on Financial
Literacy and on-line filing of complaints system. Industry
Advisories have also been issued to ensure observance of sound
and sustainable microfinance practices. The following resource
materials were also developed to serve as reference for microfinance
clients and microfinance practitioners in pursuing consumer
protection:
|
