Financial Consumer Protection Directive No. FCP/01/2020

# NATIONAL BANK OF ETHIOPIA
## ADDIS ABABA
### FINANCIAL CONSUMER PROTECTION
#### DIRECTIVE NO. FCP/01/2020

Whereas, trust and confidence of financial consumers promote financial inclusion, healthy financial transactions, and stimulate growth, stability, ethical innovation and efficiency in the financial system;

Whereas, innovation and development in the financial infrastructure and products and services, would possibly increase the risks and challenges particularly that low-income and less experienced financial consumers face;

Whereas establishing clear and objective financial consumer protection regulation, supervision, complaint handling and dispute resolution mechanisms are necessary to promote fair, responsible and transparent financial transactions and shape professional conduct of financial services providers towards financial consumers;

Now, therefore, in accordance with article 57 of the Banking Business Proclamation No. 592/2008 as amended by Banking (Amendment) Proclamation No. 1159/2019, article 59 of the Insurance Business Proclamation No. 746/2012 as amended by Insurance (Amendment) Proclamation No. 1163/2019, article 26 of the Micro-financing Business Proclamation No. 626/2009 as amended by Microfinance Business (Amendment) Proclamation No. 1164/2019 and article 20(2) of the National Payment Proclamation No. 718/2011, the National Bank of Ethiopia has issued this directive as follows.

## 1. Short title
This directive may be cited as “FINANCIAL CONSUMER PROTECTION DIRECTIVE NO. FCP/01/2020”

## 2. Definitions
Unless the context otherwise provides, for the purpose of this directive:

### 2.1. “account” means an account relating to a financial products or services;

### 2.2. “agent” means a person appointed and contracted by the financial service provider to act on behalf of a financial service provider and for a commission in a manner specified by the relevant directives of the National Bank;

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**ADDRESS: SUDAN STREET P.O.BOX 5550/2048 FAX No. 0115 51 45 88 TEL. No. 0115 51 74 30 ADDIS ABABA**
**TELEGRAPHIC ADDRESS: N A T I O N B A N K**
**CODES-USED PETERSON 3rd & 4th ED BENTLEY'S 2nd PHRASE A.B.C. 6th EDITIO**
**E-mail: nbe.excd@ethionet.et Website. www.http:// www.nbe.gov.et**

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### 2.3. “annual interest rate” means the per annum rate of interest that applies under a financial consumer contract;

### 2.4. “board” means the Board of Directors of a financial service provider;

### 2.5. “complaint” means an expression of dissatisfaction relating to a financial product or service or security by a financial consumer or security provider that is not immediately resolved by the financial service provider;

### 2.6. “complainant” means a person who lodges complaint against a financial service provider to the National Bank;

### 2.7. “credit account” means an account held in relation to a financial consumer credit contract;

### 2.8. “credit insurance” means insurance that guarantees the capacity of a financial consumer to make payments under a consumer credit contract, including in the event of one or more of sickness, injury, disability, death or unemployment;

### 2.9. “current account” means a deposit account used to receive and send money and pay for goods and services which may have attached to it a cheque facility and / or an overdraft facility and on which no interest, or only nominal interest, is paid;

### 2.10. “dispute resolution” means a processes used to resolve disputes between parties to the financial transaction, including negotiation, mediation, arbitration, and litigation etc;

### 2.11. “digital financial services” means financial services including payments, remittances and insurance accessed and delivered through digital channels;

### 2.12. “external dispute resolution” means a dedicated scheme, to be established by the National Bank, for resolving disputes between the financial consumer and/or the security provider and the financial service provider;

### 2.13. “financial consumer” means a current or a prospective customer of a financial service provider;

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### 2.14. “financial consumer contract” means a contract between the financial consumer and the financial service provider on financial products or services;

### 2.15. “financial product or service” means any product or service of a financial nature marketed, offered or provided to financial consumers by a financial service provider ;

### 2.16. “financial service provider” means banks, insurers, microfinance institutions, Capital Goods Finance Companies, postal savings, money transfer institution or such other similar institution as specified by the National Bank;

### 2.17. “fixed term loan” means a type of loan that is repaid in regular payments over a set period of time;

### 2.18. “fixed term loan contract” means a contract for a fixed term loan;

### 2.19. “Key Facts Statement” or “KFS” means pre-contractual information provided by a financial service provider to its financial consumers in printed or electronic format that summarize the main characteristics of the financial products or services;

### 2.20. “internal complaint handling process” means a complaint or dispute resolution process to resolve disputes between the financial consumer or security provider and the financial services provider in accordance with the written policies and procedures of the latter and applicable directives of the National Bank;

### 2.21. “mobile wallet account” means an on-demand account used to receive and send money and pay for goods and services via a mobile device such as a mobile phone, but which does not have attached to it a check or overdraft facility;

### 2.22. “National Bank” means the National Bank of Ethiopia;

### 2.23. “person” means natural or legal person;

### 2.24. “personal characteristic or affiliation” means gender, race, ethnicity, political affiliation or beliefs, marital status, disability or sexual orientation;

2.25. “advice” means advice given to a financial consumer or to security provider in relation to the suitability of a specific financial product or service for that financial consumer’s financial objectives, needs or capacity;

2.26. “data” means any information about an identified or reasonably identifiable financial consumer or security provider;

2.27. “receipt” means paper or electronic evidence provided by the financial services provider for any payment in respect of financial products and services;

2.28. “savings account” means an on-demand deposit account on which interest may be earned on any part of the account balance, but which is not a time deposit or a mobile wallet account;

2.29. “security” means any:
a) security rights over movable property as defined in a Proclamation No.1147/2019, to provide for Movable Property Security Right; b) security rights over immovable property; c) personal guarantee; or d) other undertaking, granted for the purposes of providing security for the obligations of a financial consumer in relation to any financial product or service;

2.30. “security contract” means a contract for a security;

2.31. “standard form contract” means a financial product and service contract or a security contract that has been prepared by a financial service provider without negotiation and consent with the financial consumer or security provider;

2.32. “security provider” means a financial consumer that provides or proposes to provide a security;

2.33. “third party” means a person who is outside of or not a direct party to the contractual relationship between the financial service provider and the financial consumer;

2.34. “time deposit” means a deposit account in which all or part of the balance is deposited for a fixed period at an agreed interest rate;

2.35. “unfair terms” has the meaning specified in Article 5.1.1.2 of this directive; and

2.36. Expressions in the masculine gender include the feminine.

3. Scope of applications
   This directive shall apply to any financial service provider, financial product and service, and financial consumer and security provider.

4. General provisions
   4.1. Fair treatment
   Financial services providers:
   4.1.1. shall treat all financial consumers equitably, respectfully, honestly and fairly at all stages of their relationship with the financial consumers;
   4.1.2. shall not discriminate, unless required or permitted by law, against any financial consumer or security provider on the basis of a personal characteristic or affiliation with the financial consumer; and
   4.1.3. give special attention and priority to the particular needs of, and difficulties faced by, vulnerable, socially and economically marginalized consumer groups such as inexperienced consumers, physically disabled, etc....

4.2. Transparency and disclosure
A financial service provider shall ensure that financial consumers and security providers are provided with accurate, simple, clearly expressed and timely information about the features, likely risks, obligations and other terms and cost of any financial product or service or security they are considering.

4.3. Product design and suitability
Financial service providers have general obligations to take reasonable steps to:
4.3.1. ensure that any financial product or service shall be designed, marketed and distributed having appropriate regard to the likely financial objectives, needs,

capacity and behaviors of financial consumers in the target market with a view to minimizing the risk of harm to those financial consumers; and

4.3.2. consider the financial objectives, needs and capacity of a financial consumer before providing them with a financial product.

4.4. Data protection
A financial service provider shall:
4.4.1. keep data confidential and secure; and
4.4.2. only use and disclose a financial consumer’s or security provider’s data for legitimate purposes agreed to it by the financial consumer or security provider or otherwise permitted by law.

4.5. Complaint handling mechanism
Financial services providers shall:
4.5.1. provide the financial consumers or security providers with easy access to a transparent, effective, prompt and free internal complaints process; and
4.5.2. make the financial consumers and security providers aware of any available External Dispute Resolution mechanisms including that provided by the National Bank and court of law.

5. Specific provisions
   5.1. Fair treatment or business conduct requirements
   5.1.1. Unfair contractual terms
   5.1.1.1. A financial service provider shall be prohibited from including, or seeking to enforce against a financial consumer or security provider, any unfair term in a standard form contract.
   5.1.1.2. A term of a standard form contract shall be unfair if it:
   a) imposes terms inconsistent with Article 1710(2) of the Civil Code, that is, having the consent of the injured party by taking advantage of his want, simplicity of mind, senility or manifest business inexperience;

b) causes a significant imbalance in the rights and obligations between a financial consumer or security provider and a financial service provider; c) causes detriment to the financial consumer or security provider; and d) is different from the one that is stipulated to protect the financial service provider’s legitimate interests.

5.1.1.3. For the purpose of testing unfair terms as per Article 5.1.1.2, unfair terms in a standard form contract or security contract, but not limited to, include:
a) allowing the financial service provider to make changes to financial consumers’ contracts or security providers’ contract without describing the circumstances to the financial consumer in which such change may be made; b) allowing charging of fees or charges not previously disclosed or which are prohibited; c) restricting early repayment of a credit contract; and

5.1.1.4. A financial consumer contract or a security contract will be presumed to be a standard form contract unless the financial service provider proves otherwise.

5.1.2. Unfair fees and charges
Financial services providers shall not charge a financial consumer any fee:
5.1.2.1. that was not previously disclosed;
5.1.2.2. for any early repayment of a credit contract that exceed a reasonable administrative costs associated with the contract;
5.1.2.3. that exceeds their reasonable administrative costs to close an account;
5.1.2.4. that exceeds their reasonable enforcement expenses for the action taken;

5.1.2.5. for recovering an amount payable by the former to a third party that exceed the amount actually owed to third party; and

5.1.2.6. that is prohibited under this directive or any other law.

5.1.3. Barriers to account mobility and account closure
Financial services providers shall have a duty:
5.1.3.1. to promptly process a financial consumers request to close their deposit account and provide them with appropriate assistance and information for doing so, including with canceling any recurring payments; and

5.1.3.2. not to debit the deposit account with new charges, following the account closure, and promptly pay the financial consumer any money due to them under the account.

5.1.4. Obligation to acquire insurance
5.1.4.1. A financial service provider shall not require a financial consumer or security provider to acquire, or pay for, insurance unless it is:
a) an insurance that covers a property that is subject to a security; b) credit insurance; or c) an insurance that is required by law.

5.1.4.2. A financial service provider:
a) shall be prohibited from requiring a financial consumer or security provider to take out an insurance policy with a particular insurer; b) shall be prohibited from imposing any unreasonable requirement regarding what insurance a financial consumer or security provider must take out; and c) shall disclose separately any requirement for insurance in advance, if not, such subsequent requirement shall not bind the financial consumer.

5.1.5. Unfair credit-related practices
Financial services providers shall:

5.1.5.1. be prohibited from charging a financial consumer an interest in advance;

5.1.5.2. charge interest only based on an annual percentage applied to the unpaid balance of the loan;

5.1.5.3. charge a higher rate of default interest, as agreed at the time of contract, only on the amount of loan that is in default;

5.1.5.4. accept any partial early repayment of a loan and credit it to the loan balance as soon as reasonably practicable;

5.1.5.5. allow a financial consumer to repay outstanding loan at any time with permitted fees and charges disclosed at the time of concluding the contract;

5.1.5.6. provide a financial consumer on request with a statement that discloses details of the amount owed; and

5.1.5.7. be prohibited from enforcing a financial consumer contract or security unless they have given a notice of default allowing at least 30 days for credit contracts involving immovable collaterals, or at least 10 business days for credit contracts involving movable collaterals.

5.1.6. Debt collection
5.1.6.1. A financial service provider shall not harass, or engage in any other unfair or abusive conduct, towards a financial consumer, a security provider or any other person for the purpose of recovering any debt owed in connection with a financial product or service.

5.1.6.2. Notwithstanding sub-article 5.1.6.1 hereinabove, harassment and other unfair or abusive conduct prohibited by this Article includes the following conduct except to the extent required or expressly permitted by law:

a) communicating a financial consumer or security provider before and after the business hours of the financial service provider; b) unnecessary contact or communication with a person, going beyond what is reasonable in the circumstances; c) seeking payment of a debt from someone other than the financial consumer or security provider liable for the debt; d) disclosing the existence of a debt to a third party without the consent of the financial consumer; e) making any misrepresentation in connection with a debt, such as regarding its character, the amount owed, the financial service provider’s legal rights or the potential legal consequences for any person if the debt is not paid; f) public shaming, such as public disclosure of a debtor’s identity; g) attending at a person’s place of employment to seek repayment; h) threatening to harm or harming any person; i) threatening to seize, or seizing, property which has not been provided as collateral; or j) threatening to damage, or damaging, property.

5.1.6.3. Notwithstanding sub-article 5.1.6.2 (d) hereinabove, a financial service provider may disclose the existence of a debt under a financial consumer contract or security contract to a debt collector acting on the financial service provider’s behalf or to a third party to whom the financial service provider sells the debt, provided that the financial service provider takes all reasonable steps to ensure that the recipient of the information treats that information, and keeps it confidential and secure, consistently with this directive.

5.1.6.4. a financial service provider shall be liable to and responsible for the conduct of any party to whom the financial service provider has sold a debt owing under a financial consumer contract or security contract as if that conduct is undertaken by the financial service provider.

5.1.6.5. a financial service provider is required to have adequate controls and appropriate training in place to ensure that any third party acting on

their behalf in relation to debt collection acts consistently with the requirements of this Directive.

5.1.7. Unauthorized and mistaken transactions
Financial service providers shall:
5.1.7.1. effectively, before entering into service agreement, disclose to financial consumers;
a) the situations constituting fraud or unauthorized or mistaken transactions; b) their obligations in such situations; and c) limitations to liability for losses in such situations.

5.1.7.2. be held legally liable for breaches in data security that results in losses for a consumer;

5.1.7.3. disclose to financial consumers that they are being compensated fully for losses from unauthorized transactions, except in cases of consumer fraud or gross negligence;

5.1.7.4. provide timely and necessary assistance to financial consumers to recover mistakenly transferred funds; and

5.1.7.5. have clear procedures to deal with security breaches and supposedly unauthorized transactions, including mechanisms to reimburse or compensate the financial consumer for losses.

5.2. Transparency and disclosure requirements
5.2.1. Advertising and promotional materials
Financial services providers shall ensure that any advertising or other promotional materials about the financial products and services:
5.2.1.1. shall be accurate, simple and clearly expressed;
5.2.1.2. shall not be misleading or deceptive;

5.2.1.3. if it includes a reference to any advantage or benefit of the financial product or service, it also includes appropriately balanced reference to the risks;

5.2.1.4. shall specify the name, license and registration number;

5.2.1.5. if it includes any reference to an interest rate of any type, discloses the rate as an annual percentage rate and not, for example, a rate for a shorter period; and

5.2.1.6. shall disclose other fees and costs, if any.

5.2.2. Form and manner of disclosure
Financial service providers shall ensure that any information, contract or notice provided to a financial consumer or security provider in relation to financial products and services shall be:
5.2.2.1. easily legible;
5.2.2.2. simple and clearly expressed without use of technical language;
5.2.2.3. printed and displayed in a minimum font size of 12; and
5.2.2.4. available in Amharic, English and in regional working language where the financial consumer is located.

5.2.3. Publications, availability and display of product pricing, terms and conditions
5.2.3.1. A financial service provider shall publish, display and make available the standard terms and conditions including itemized fees and annual percentage rate, in relation to all of their financial products and services.
5.2.3.2. Financial services providers shall make available the terms and conditions of the products and services referred to in sub-article 5.2.3.1 above:

a) in a prominent manner that allows the financial consumer or security provider to retrieve and keep it for future reference ; b) at any of their or their agents’ premises attended by the financial consumers; and c) display a prominent notice at such premises regarding the availability of standard terms and conditions.

5.2.3.3. Financial services providers shall provide copies of the information referred to in Article 5.2.3.1 above to financial consumers on request.

5.2.3.4. The National Bank may, at its discretion, decide to publish information relating to financial service providers and financial products or services in any form or manner appropriate, for the purpose of facilitating the ability of financial consumers to understand and compare financial products or services.

5.2.4. Key Fact Statements (KFS)
5.2.4.1. A financial service provider shall provide to a financial consumer a summary of up-to-date KFS, containing key generic information as per the prescribed format attached, Annex III to Annex VII, as the case may be, for any fixed term loan, accounts or insurance products and services that it offers:
a) when a financial consumer requests or makes a general enquiry regarding such financial products and services; b) after a financial consumer communicates to the financial service provider specific parameters and circumstances relating to financial products and services it proposes to obtain; and c) at the time of signing of contract for the product and services.

5.2.4.2. For the purpose of Article 5.2.4.1, the contents or key generic information for KFSs shall be as per the prescribed formats of:
a) Annex III in relation to fixed term credit products; b) Annex IV in relation to current and saving accounts; c) Annex V in relation to mobile wallet accounts; d) Annex VI in relation to time deposits ; and

e) Annex VII in relation to insurance policies.

5.2.4.3. Financial services providers shall ensure that the KFSs provided to a financial consumer or security provider in relation to financial products and services shall be:
a) easily legible; b) simple and clearly expressed without use of technical language; c) printed and displayed in a minimum font size of 12; and d) available in Amharic, English and in regional working language where the financial consumer is located.

5.2.4.4. Financial services providers shall make available and display KFS:
a) in a prominent manner that allows the financial consumer or security provider to retrieve and keep it for future reference ; b) at any of their or their agents’ premises attended by the financial consumers; and c) display a prominent notice at such premises regarding the availability of standard terms and conditions.

5.2.4.5. A financial service provider shall ensure that KFS for the final contract are updated and signed by the financial service provider; and as relevant, the financial consumer or any applicable third-party security provider and form an integral part of the contract.

5.2.4.6. A financial service provider shall ensure that it give the financial consumer adequate time between receipt of the KFS and the signing of the contract or opening of the account to review the KFS and obtain any verbal explanations regarding the financial product and service from the provider staff.

5.2.4.7. A financial service provider shall provide to a security provider proposing to give a security in relation to another financial consumer’s fixed term loan a completed, up-to-date fixed term loan KFS:
a) after receiving an application for the fixed term loan with information customized for the borrower’s circumstances; and

b) at the time of signing of a loan contract for the product signed by the financial service provider; and as relevant, the borrower or any applicable third-party security provider.

5.2.4.8. A financial service provider:
a) shall not be required to provide a KFS to a financial consumer where the financial consumer has not provided sufficient information for the financial service provider to identify the relevant financial product and service ; and b) shall, however, provide to the financial consumer reasonable assistance to identify the relevant financial products and services.

5.2.4.9. Key Facts Statement (KFS) other than that specified in sub-article 5.2.4.2 of this Article and any amendments to the existing ones may be prescribed by circulars of the National Bank.

5.2.5. Contents of contractual document (terms and conditions)
Financial service providers shall clearly and prominently disclose the following information in the terms and conditions of the contract of any financial products and services offered to consumers:
5.2.5.1. the financial service provider’s details: name, regulated status, any applicable license or registration number issued to it by the National Bank and contact details;
5.2.5.2. the key features of the financial product or service, including the financial consumer’s benefits and rights;
5.2.5.3. the key risks to the financial consumer associated with the financial product or service;
5.2.5.4. the key responsibilities of the financial consumer in connection with the financial product or service;
5.2.5.5. the term of the contract, if any;

5.2.5.6. fees and charges:
a) a description of all fees and charges; b) the amount or basis of calculation of all fees and charges; and c) the total amount of known fees and charges;

5.2.5.7. details of any changes which may be made to any term of the financial consumer contract or any amount payable under the contract and how the financial consumer will be informed of a change;

5.2.5.8. details of any commission payable, if any, in respect of the financial consumer contract, including the amount, and by and to whom the commission is payable;

5.2.5.9. the circumstances in which the financial service provider will collect, use and disclose a financial consumer’s data and how it will be kept secure and the availability of further information in this regard;

5.2.5.10. the consumer consent for sharing credit information to Credit Reference Bureau and Movable Collateral Registry Office of the National Bank;

5.2.5.11. information regarding how a financial consumer can make a complaint to the financial service provider;

5.2.5.12. contact information for any applicable external dispute resolution service available to a financial consumer if they are not satisfied regarding how a financial service provider has dealt with a complaint;

5.2.5.13. the date of the relevant document; and

5.2.5.14. any additional information prescribed in this directive for specific aspects of financial products or services.

5.2.6. Additional content requirements – consumer credit contracts
The following additional information is prescribed in relation to consumer credit contracts for the purposes of sub-article 5.2.5.14 hereinabove:
5.2.6.1. the amount of credit or any applicable credit limit;

5.2.6.2. the nature and amount of any deduction from the proceeds of a loan before it is disbursed to a financial consumer;

5.2.6.3. interest:
a) the current annual percentage rate(s) and how each applies; b) the total amount of interest charges if known; c) any applicable default rate of interest and when it will be applied; and d) the effective interest rate for the consumer credit contract;

5.2.6.4. repayments:
a) the amount of each repayment or the method of calculating the amount if the amount is not known; b) date each repayment is due; c) the number of repayments; and d) the total amount of repayments, if known;

5.2.6.5. the financial consumer’s rights to prepay a consumer credit contract;

5.2.6.6. details of any security which is to be provided;

5.2.6.7. details of any insurance to be financed by the consumer credit contract including:
a) the name of the insurer; b) the type of insurance; c) the premium payable to the insurer and when it must be paid; d) any commission payable in respect of the insurance; e) how claims may be made under the insurance policy; and f) details of key risks covered and key exclusions.

5.2.6.8. if the loan was approved for a specific purpose, a description of that purpose;

5.2.6.9. enforcement expenses which may be charged following default.

5.2.7. Additional contractual disclosure requirements – deposit account or stored value product
The following additional information is prescribed for the purposes of sub-article 5.2.5.14 hereinabove in relation to any financial product or service that includes a deposit account or stored value facility:
5.2.7.1. interest (if any) including:
a) the current annual percentage rate(s) and how each applies; and b) the total amount of interest, if known;

5.2.7.2. any minimum balance requirement;

5.2.7.3. any applicable cost for early termination of the financial product or service; and

5.2.7.4. withdrawal options.

5.2.8. Additional content requirements – payment or funds transfer product
The following additional information shall be prescribed for the purposes of sub-article 5.2.5.14 hereinabove in relation to financial product or service that includes a payment or funds transfer facility:
5.2.8.1. any limits and restrictions on transactions and product operation, such as limits on the value or number of transactions, geographical restrictions or instrument expiration dates;

5.2.8.2. the procedures that will apply in the event of unauthorized transactions or transaction errors, including contact details and each party’s responsibility and liability for losses; and

5.2.8.3. a financial consumer’s responsibilities regarding prudent use and safeguarding of identifiers and payment instruments, including contact details in case of their loss or compromise.

5.2.9. Additional content requirements – insurance policy
5.2.9.1. The following additional information is prescribed for the purposes of sub-article 5.2.5.14 hereinabove in relation to any insurance policy:
a) the type of insurance; b) insured risks; c) insurance premiums and other fees d) key exclusions; e) the amount of cover; f) the applicable period of cover; g) the name and contact details of any insured person; h) a description of any insured property; and i) claims handling procedures.

5.2.10. Signing and provision of final contract
A financial service provider shall be prohibited from entering into, or seeking to enforce against a financial consumer or security provider, any financial consumer contract or security contract unless:
5.2.10.1. the contract shall be in writing and is signed by the financial consumer or security provider or the contract in clearly specified and verifiable electronic way acceptable by the financial consumer accessing the credit;

5.2.10.2. the proposed contract was provided to the financial consumer or security provider, a reasonable time before the contract was made, so as to give an opportunity to review it before becoming bound.

5.2.10.3. a financial service provider shall provide a copy of the final financial consumer contract or security contract for the financial consumer or security provider immediately or as soon as practicable after the financial consumer or security provider becomes bound by the contract. and

5.2.10.4. expressly stated otherwise, the financial service provider shall furnish the final contract document to the financial consumer or

security provider free of charge and it may be provided in any of the following ways:
a) by giving it personally to the financial consumer or to the security provider or their agents; b) by sending it by post to the financial consumer’s or security provider’s last known or nominated address; or c) by sending it electronically to the financial consumer or to the security provider or their agents.

5.2.11. Periodic statement
Financial services providers shall
5.2.11.1. furnish, upon request, statement of account free of charge at least once in a month and any time when the account is closed to the financial consumer for any financial products or services;
5.2.11.2. furnish a periodic statement of account, upon request by charging a reasonable fee if the request is different from what is stated under sub-article 5.2.11.1 of this Article;
5.2.11.3. ensure that periodic statements, depending on the type of financial product, include information such as statement period; opening and closing balances; details of each debit and credit transaction etc;
5.2.11.4. allow financial consumers to select the method in which they would like to receive the statement e.g. in writing or electronically;
5.2.11.5. depending on the circumstance, periodic statements may be provided by financial service providers to financial consumers, or security providers or their agents in person, by post or via electronic means; and
5.2.11.6. a financial service provider may comply sub-article 5.2.11.3 hereinabove in relation to a mobile wallet account by making available to a financial consumer an electronic facility that allows the financial consumer to access the information in a form that allows the information to be retrieved and kept for future reference.