Rwanda Diagnostic Review of Consumer Protection and Financial Literacy : Volume 2. Comparison with Good Practices
Although the Parliament of Rwanda has passed an impressive array of financial sector laws since 2008, the laws relevant to financial consumer protection are very limited and in some cases overlapping. Consumer protection in Rwandan banking, microfi...
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| Format: | Report |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/737431483690594192/Technical-annex-comparison-with-good-practices http://hdl.handle.net/10986/25886 |
| Summary: | Although the Parliament of Rwanda has
passed an impressive array of financial sector laws since
2008, the laws relevant to financial consumer protection are
very limited and in some cases overlapping. Consumer
protection in Rwandan banking, microfinance, and insurance
sectors is fragmented because of insufficiently defined
roles and responsibilities among institutions and unclear
enforcement capacity. While there are some strong provisions
in some areas such as electronic money transfer, electronic
transmission, credit information, and market conduct
regulation in the insurance industry, many other areas are
lagging. Rwandan authorities recognize that a sound
financial consumer protection framework is fundamental to
improving usage and quality of financial services, access to
them, and overall deepening of the financial sector. This
World Bank diagnostic review was requested by the National
Bank of Rwanda (BNR) in November 2012. Modules on banking
and microfinance sectors were developed based on publicly
available information and data during the World Bank mission
in Rwanda, and the review of the insurance sector was
conducted through a desk review using the data obtained from
BNR data requests and questionnaires, and the analysis is
therefore constrained by it. Volume I of the review
summarizes its key findings and recommendations, and volume
II provides a detailed assessment against the World Bank’s
good practices on financial consumer protection. |
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