Regulatory Alerts2024-09-01
Regulation No. 001/2019 on Consumer Protection for Financial Products and Services
The Banque de la République du Burundi issued Regulation No. 001/2019 to establish a comprehensive consumer protection framework for financial products and services, mandating authorized providers and their agents to ensure fair treatment, transparency, and effective complaint resolution. The regulation defines key terms, prohibits unfair or deceptive practices such as discrimination and hidden fees, and requires providers to maintain accurate consumer records, operate securely, and offer quality services that align with market needs. By harmonizing operational standards and promoting financial education, the framework strengthens sector discipline, fosters competition, and enhances overall confidence in Burundi’s formal financial system.
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