By Esnart Chingwalu

Consumers Association of Malawi (Cama) has appealed to government to consider putting strong regulatory systems to enhance new digital financial technologies.

A statement released by Cama said in a statement that the new digital financial platforms that have been introduced in the country such as mobile money, local and international money transfers, local and international purchases are assisting consumers with affordable and easily accessible financial technologies.

However, Cama expressed worry over an increase in issues of fraudulent therefore they have opted for a need for authorities to provide a better knowledge to consumers in order to ensure that only genuine traceable business transactions are done online.

“We have noted increases in fraud on both mobile money and other digital financial platforms which requires consumers to be equipped with knowledge on how to avoid them such as the negative transactions,” reads part of the statement.

Competition and Fair Trading Commission (CFTC) said although there has been considerable increase in the access to digital finance, consumers in the country are still experiencing a number of challenges on the market which include transaction costs, fraud and financial scams, service downtime, and information asymmetries between consumers and service providers.

And with this CFTC has planned to civic educate people on consumer rights in the country.

“During the week beginning on March 14, 2022, we will conduct a number of activities aimed at raising awareness about consumer rights specifically on digital finance including radio programmes, market inspections, consumer surgeries, and road shows,” reads part of the statement.

Meanwhile, Malawi Communications Regulatory Authority (Macra) has called upon all service providers, development partners, the media and civil society organisations to play their part in ensuring that consumers of digital services are safe when accessing services.