Regulatory Alerts2023-04-25
Added · Updated
Financial Consumer Protection Directive No. FCP/01/2020
The National Bank of Ethiopia establishes binding rules for financial service providers, including banks, insurers, and microfinance institutions, regarding fair treatment, transparency, and conduct. The directive prohibits unfair contractual terms, undisclosed fees, and abusive debt collection practices, while mandating specific notice periods of 30 days for immovable collateral and 10 business days for movable collateral before enforcement. Providers must disclose Key Fact Statements in Amharic, English, and regional languages, ensure data confidentiality, and maintain transparent internal complaint handling mechanisms for financial consumers.
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