Other Financial Accountability Study

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  • Publication
    Mozambique Diagnostic Review of Consumer Protection and Financial Literacy: Volume 1. Key Findings and Recommendations
    (World Bank, Washington, DC, 2012-12) World Bank
    The review provides a detailed assessment of the institutional policy and regulatory framework in two segments of the financial sector: banking and non-bank credit institutions. The mission took place in response to a specific request for technical assistance in the field of financial consumer protection made by the central bank, the Banco de Moçambique (BdM), in November 2011. As agreed with the BdM, the assessment has focused on bank and non-bank entities within Mozambique’s financial sector that provide financial products and services to consumers, including microfinance, with a particular focus on credit reporting and on financial awareness. Volume one summarizes the key findings and recommendations of the review and volume two presents a detailed assessment of each financial segment compared to the good practices. Volume two also includes annexes that analyze and provide more detailed recommendations on credit reporting and financial education, and a description of the overall legal and institutional frameworks for financial consumer protection in Mozambique. The key findings and recommendations presented in this report cover six areas: institutional arrangements, legal and regulatory framework, disclosure, business practices, dispute resolution mechanisms, and financial education.
  • Publication
    Mozambique Diagnostic Review of Consumer Protection and Financial Literacy: Volume 2. Comparison with Good Practices
    (World Bank, Washington, DC, 2012-12) World Bank
    The review provides a detailed assessment of the institutional policy and regulatory framework in two segments of the financial sector: banking and non-bank credit institutions. The mission took place in response to a specific request for technical assistance in the field of financial consumer protection made by the central bank, the Banco de Moçambique (BdM), in November 2011. As agreed with the BdM, the assessment has focused on bank and non-bank entities within Mozambique’s financial sector that provide financial products and services to consumers, including microfinance, with a particular focus on credit reporting and on financial awareness. Volume one summarizes the key findings and recommendations of the review and volume two presents a detailed assessment of each financial segment compared to the good practices. Volume two also includes annexes that analyze and provide more detailed recommendations on credit reporting and financial education, and a description of the overall legal and institutional frameworks for financial consumer protection in Mozambique. The key findings and recommendations presented in this report cover six areas: institutional arrangements, legal and regulatory framework, disclosure, business practices, dispute resolution mechanisms, and financial education.
  • Publication
    Republic of Zambia Diagnostic Review of Consumer Protection and Financial Literacy: Volume 2. Comparison with Good Practices
    (World Bank, Washington, DC, 2012-10) World Bank
    The Diagnostic Review of Consumer Protection and Financial Literacy in Zambia was conducted at the request of the Bank of Zambia (BoZ) and covered: i) banking; ii) non-bank financial institutions; iii) insurance; iv) pensions; and v) securities. The objectives of the Review were to compare the existing legal and regulatory framework, institutional arrangements, and market practices to good practices and provide recommendations to enhance financial consumer protection and financial literacy in Zambia. The Review consists of two Volumes. Volume I summarizes the key findings and recommendations and Volume II presents a detailed assessment of each of the covered sectors compared to the Good Practices.
  • Publication
    Republic of Zambia Diagnostic Review of Consumer Protection and Financial Literacy: Volume 1. Key Findings and Recommendations
    (World Bank, Washington, DC, 2012-10) World Bank
    The Diagnostic Review of Consumer Protection and Financial Literacy in Zambia was conducted at the request of the Bank of Zambia (BoZ) and covered: i) banking; ii) non-bank financial institutions; iii) insurance; iv) pensions; and v) securities. The objectives of the Review were to compare the existing legal and regulatory framework, institutional arrangements, and market practices to good practices and provide recommendations to enhance financial consumer protection and financial literacy in Zambia. The Review consists of two Volumes. Volume I summarizes the key findings and recommendations and Volume II presents a detailed assessment of each of the covered sectors compared to the Good Practices. The key findings and recommendations presented in Volume I cover six areas: i) legal and regulatory framework; ii) institutional arrangements; iii) consumer disclosure; iv) business practices; v) dispute resolution mechanisms; and vi) financial education.
  • Publication
    Malawi Diagnostic Review of Consumer Protection and Financial Literacy: Volume 1. Key Findings and Recommendations
    (World Bank, Washington, DC, 2012-05) World Bank
    According to FinScope surveys in 2008 and 2014, the number of financially included adult Malawians grew from 45 percent to 49 percent, and the proportion of adults using formal banking services expanded from 19 percent to 27 percent. These significant improvements were achieved based on Malawi’s financial sector development strategy for 2010-2015 that identified consumer protection and financial literacy as priorities in developing a financial sector that supports inclusive and sustainable growth. In 2012 the World Bank conducted a diagnostic review in Malawi that aimed to highlight the progress made, compare Malawi’s legal and institutional frameworks with international benchmarks, and provide a series of concrete recommendations. Although key initial steps have been taken in financial consumer protection, especially at the institutional level, Malawi is still at an early stage of development in this area, based on international good practices. Volume 1 of this report focuses on key findings and recommendations from the review. Volume 2 presents a detailed assessment of each financial segment compared to the good practices. It also includes annexes that analyze and provides recommendations on credit reporting, mobile banking services and private pension funds, and a description of the overall legal and institutional frameworks for financial consumer protection in Malawi.
  • Publication
    Malawi Diagnostic Review of Consumer Protection and Financial Literacy: Volume 2. Comparison with Good Practices
    (World Bank, Washington, DC, 2012-05) World Bank
    According to FinScope surveys in 2008 and 2014, the number of financially included adult Malawians grew from 45 percent to 49 percent, and the proportion of adults using formal banking services expanded from 19 percent to 27 percent. These significant improvements were achieved based on Malawi’s Financial Sector Development Strategy for 2010-2015 that identified consumer protection and financial literacy as priorities in developing a financial sector that supports inclusive and sustainable growth. In 2012 the World Bank conducted a diagnostic review in Malawi that aimed to highlight the progress made, compare Malawi’s legal and institutional frameworks with international benchmarks, and provide a series of concrete recommendations. Although key initial steps have been taken in financial consumer protection, especially at the institutional level, Malawi is still at an early stage of development in this area, based on international good practices. Volume 1 of this report focuses on Key Findings and Recommendations from the review. Volume 2 presents a detailed assessment of each financial segment compared to the good practices. It also includes annexes that analyze and provides recommendations on credit reporting, mobile banking services and private pension funds, and a description of the overall legal and institutional frameworks for financial consumer protection in Malawi.