The Reserve Bank of Malawi (RBM) has bemoaned the huge knowledge gap that exists between financial consumers and service providers.
RBM Chief Examiner for Consumer Protection and Financial Literacy, Madalitso Chamba this affect consumers as they enter into financial contracts which they do not understand.
He was speaking during an interface meeting with financial service providers which was organized by the Competitions and Fair Trade and Commission (CFTC) and RBM in Mzuzu.
“There’s need for the providers to be transparent when dealing with customers to help them make informed decisions,” Chamba said.
Meanwhile, CFTC has disclosed that it has received a total of hundred and seventy six consumer cases on unfair trading practices in the country.
CFTC Director for Consumer Welfare and Education, Louis Kulisewa said the series on financial sector surgeries will go a long way in helping consumers enjoy their rights when it comes to financial dealings.