Rwanda Diagnostic Review of Consumer Protection and Financial Literacy : Private Pensions and Securities, Volume 2. Comparison with Good Practices
This review of consumer protection and financial literacy (CPFL) in the private pensions and securities sectors in Rwanda complements the 2013 review of Rwanda’s banking, microfinance, and insurance sectors. As noted previously, the institutional e...
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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/784411490673632065/Comparison-with-good-practices http://hdl.handle.net/10986/26435 |
| Summary: | This review of consumer protection and
financial literacy (CPFL) in the private pensions and
securities sectors in Rwanda complements the 2013 review of
Rwanda’s banking, microfinance, and insurance sectors. As
noted previously, the institutional elements of the formal
financial sector in Rwanda are in place but the levels of
financial inclusion are still low. The government pension
scheme covers less than 3 percent of the population, and the
voluntary private pension funds cover less than 1 percent.
The new Pensions Law in Rwanda introduced a comprehensive
regulation of the private pension funds, providing a basis
for sound consumer protection and opening opportunities for
growth, and yet some CPFL issues still need to be addressed.
The securities market lists only 7 equities and 9 bonds,
capitalized at 27 percent of GDP. The 2011 laws on capital
markets regulation introduced a sound regulatory framework
that is not yet complete nonetheless and requires stronger
investor protection. The key findings and recommendations of
the Review – presented in Volume 1 of 2 – detail the main
CPFL challenges and the suggested high priority remedies.
The full list of recommendations is presented in the
annexes. Volume 2 provides a detailed assessment of CPFL in
both the private pensions and securities sectors against the
international best practices summarized in the World Bank
Group’s good practices for financial consumer protection and
financial literacy/capability. |
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