Finance services

ICT sector committed to providing fair digital financial services – Kenya News Agency

The information and communication technology (ICT) sector is concerned about consumer experiences of ICT goods and services, especially in the area of ​​digital finance which has increased in terms of consumer consumption rates .

Speaking at the commemoration of World Consumer Rights Day in Mombasa, ICT regulators pledged to try as much as possible to ensure that the ICT platform financial services sector is fair, equitable and just .

This year’s theme being; Fair Digital Finance, the Communications Authority (CA) is committed to regulating telecommunications infrastructure to root out the frauds and scammers who harass digital finance consumers.

CA Managing Director Mr. Ezra Chiloba said that since the invention of M-Pesa services, many customers have complained of fraud, counterfeits and being victimized by scammers to the extent that some of them they are losing money in that particular space.

Chiloba said the authority will ensure that telecom service providers provide customers with effective and efficient knowledge of their services to improve their experience of using the digital platform.

“As regulators of content service providers, we will ensure that no one comes to a customer asking for details on the pretext of providing financial support if that entity is not licensed by the Communications Authority of the Kenya,” he said.

Chiloba noted that cyberspace should be safe and secure by ensuring that the systems on which financial services rely are truly secure and available everywhere with very minimal downtime.

“I see a lot of daily work to improve the customer experience in the ICT sector. We promise to provide safe and fair digital finance by regulating telecommunications service providers,” Chiloba added.

He urged customers using online shopping to be more vigilant in ensuring the service provider is registered to avoid dealing with scammers.

The Governor of the Central Bank of Kenya (CBK), Dr. Patrick Njoroge, delivers a keynote address during the World Consumer Rights Day 2022 celebration on the theme “Fair Digital Finance”, held at the PrideInn Paradise Hotel, Mombasa. Photo by Andrew Hinga.

Chiloba called on the agencies to work together and help eradicate the problem of counterfeit products and scammers which has now become endemic in the country.

“We have a mechanism in place for customers to send in any complaints or counterfeit products once they have had such an experience,” he said.

For his part, the Governor of the Central Bank of Kenya (CBK), Dr. Patrick Njoroge, has asked payment service providers to harmonize tariffs across customers’ telephone networks following user complaints.

Njoroge noted that fees should be appropriately priced and affordable.

“At first we didn’t know how to price these services, but now we have a clear idea of ​​how we are going to price them. We have told payment service providers that they cannot charge whatever they want and we will assess and ensure that the price is fair and affordable for customers,” Njoroge said.

He also appreciated the long journey that has seen the country have the services everywhere, noting that having more players in the market would at least help reduce fees over time.

“We are happy to have started this journey. We are not there yet but we are on the right track,” added Njoroge.

By Chari Suche