Digital financial services continue to deliver substantial financial inclusion benefits and provide life-changing opportunities to communities, especially in Low- and Middle-Income Countries. In fact, as the latest Findex report shows, account ownership has risen to 76% of the global population and stands at 71% in developing economies.

Despite these encouraging developments, the risks associated with digital financial services from a consumer protection viewpoint remain a concern. New research by the Consultative Group to Assist the Poor (CGAP) reveals that there are new consumer risks emanating from advances in digital financial services, centring around fraud, data misuse, a lack of transparency and inadequate redress mechanisms. However, the path to consumer protection in digital financial services is clear. Evidence from research by Consumers International and CGAP in 2021 plainly showed that engagement with consumers is key to strengthening consumer-centred regulations and policies and importantly, building trust with consumers.

To drive forward this change, Consumers International is implementing the Fair Digital Finance Accelerator (FDFA). The FDFA is a unique, proactive community of practice that will strengthen channels of engagement with regulators and provide much needed thought leadership in consumer protection for digital financial services. Through a unique and vibrant community of consumer associations in Low- and Middle-Income Countries, we have established a platform for collaborative action, learning and collective influence on digital finance to shape the future for consumers