FAIR DIGITAL FINANCE SURVEY REPORT 2024 LAUNCHED IN NAIROBI, KENYA

Alice Kemunto Director CGA

Nairobi, Kenya – October 18, 2024

In a move to promote consumer rights and fairness in the digital financial sector, the Fair Digital Finance Survey Report 2024 was officially released today in Nairobi, Kenya. The comprehensive report, compiled by Mary Ojuang, Research Consultant at Consumer Grassroot Association (CGA), and Anny Kaveza, Project Officer for Fair Digital Finance (FDF) at CGA, sheds light on the current state of digital finance and highlights the gaps that need to be addressed to protect consumers. Download report

During the launch, Alice Kemunto, Director of CGA, emphasized the importance of raising public awareness about their financial rights. “More needs to be done to educate the public and ensure they know their rights when engaging in digital finance platforms. We must also prioritize training various groups within society to make them more informed and empowered,” she said. Kemunto called on stakeholders to play an active role in ensuring the public receives the necessary training and resources to navigate the evolving digital financial landscape.

The event also saw a strong appeal from Catherine Ondoro, Principal Standards Officer at the Kenya Bureau of Standards (KEBS), who urged stakeholders to join the consumer technical committee. “Stakeholders must work together for the better formulation of standards. Collaboration will help ensure that we establish robust guidelines that protect consumers and promote fair practices within digital finance,” Ondoro noted.

The report comes at a critical time as digital financial services continue to expand rapidly in Kenya and across Africa. It highlights the pressing need for regulatory frameworks and consumer protection mechanisms to keep pace with this growth. Through collaborative efforts, it is hoped that the recommendations outlined in the survey will lead to significant improvements in the industry.

The launch marks the beginning of further initiatives aimed at enhancing consumer protection in the digital finance space, with training programs and public education campaigns to be rolled out in the coming months.

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