Fair Digital Finance Accelerator
Digital financial services are transforming people's lives worldwide.
With access to payment systems, credit, savings and digital tools, families can prepare for financial shocks, young people can invest in their future, and women can gain greater financial independence.
But to realise these benefits, digital financial services must be designed to protect and empower consumers, everywhere.
The Fair Digital Finance Accelerator strengthens the ability of consumer associations in low- and middle- income countries to fight for a future where consumers worldwide can benefit from inclusive, safe, data-protected and sustainable digital finance ecosystems.
ACCELERATING FAIR DIGITAL FINANCE IN LOW- AND MIDDLE-INCOME COUNTRIES
Consumer associations are powerful drivers of change. They influence policymaking to ensure regulation guarantees consumer protection, conduct market research, support consumers through complaints handling, and work to advance fair and inclusive financial systems. For more, read our report with CGAP.
The Fair Digital Finance Accelerator leverages this power and scales the potential of consumer associations.
More than 75 consumer associations across the world, from Latin America, Africa, Europe, the Middle East and Asia are currently in the Fair Digital Finance Network. They protect vulnerable and disadvantaged consumers including women, children, older people and hard-to-reach communities. This vibrant and committed group see great potential for consumer protection within digital finance, by improving safety, data-protection and privacy and implementing effective consumer dispute and resolution mechanisms.
"Thanks to the Financial Digital Fair Accelerator, we developed a digital complaint platform to facilitate collective consumer complaints in the financial sector” says Fiorentina García from Tec-Check Organización de Consumidores (Mexico).
Select Members in the FDFA network include:
How the Accelerator supports consumer advocates
Members of the Accelerator are empowered through:
- A global community of 77+ consumer associations, experts and advocates.
- Capacity-building materials on digital finance risks, fraud, scams, data protection, liability and consumers redress in inclusive instant payment systems.
- Platforms to engage with central banks, regulators and payment system operators.
- Learning and peer-exchange sessions hosted by Consumers International.
- Training modules designed for consumer advocates on cutting edge themes and coaching to drive local action.
- Coordinated advocacy campaigns at national and regional levels.
- Thought leadership and knowledge building, including case studies, guidance materials and our annual publication on the state of digital financial services in low- and middle-income countries.
- Support for national advocacy and evidence generation.
The Fair Digital Finance Accelerator is funded by the Gates Foundation, with support from the Consultative Group to Assist the Poor (CGAP).
The Fair Digital Finance Advisory Panel ensures the Accelerator is on the cutting edge of developments in digital finance policy and regulation. It is made up of policy experts and senior leaders from across consumer advocacy, business, regulation and civil society.
Ashley Onyango
Head of Financial Inclusion and AgriTech, Mobile for Development,GSMA
María José
Directora Ejecutiva,
Tribuna Ecuatoriana de Consumidores y Usuarios
Deon Woods Bell
Senior Advisor, Global Policy, Financial Services for the Poor, Bill & Melinda Gates Foundation
Anna Wallace,
SPO Consumer Protection and RegTech, Bill & Melinda Gates Foundation
Juan Carlos Izaguirre
Senior Financial Sector Specialist, CGAP
Eric Duflos
Senior Financial Sector Specialist, CGAP
Maria Lúcia Leitão
Head of Banking Conduct Supervision Department, Central Bank of Portugal (Banco de Portugal)
Myra Valenzuela
Financial Sector Specialist, CGAP
Njuguna Ndung'u
Cabinet Secretary, National Treasury & Economic Planning.
Rosemary Shumirayi Chikarakara Mpofu
Executive Director, Consumer Council of Zimbabwe
Tamara Cook
CEO, Financial Sector Deepening Kenya
Camilo Tellez
Deputy Managing Director, Better Than Cash Alliance, UNDP
Youkyung Huh
Director of Digital and Financial Regulatory Policy, Consumers Korea
Join Fair Digital Finance Training Courses
Designed by experts in the field and in partnership with key stakeholders, our tailored training programme supports consumer associations in low- and middle- income countries to navigate the rapidly evolving world of digital finance.
Over three years Members will gain a comprehensive understanding of the sector with:
- Knowledge of the underlying mechanics of digital financial services
- Expertise in the consumer risks associated with digital financial services, such as fraud, scams, and data risks and the digital finance regulatory environment.
- Awareness of the specific challenges facing women and marginalised groups
- The skills to lead informed and effective conversations with regulators, governments and stakeholders.
If you are a Consumers International Member based in a low- and middle-income country you can join the Network and build a fair digital finance marketplace. Contact FDFA@consint.org to find out more.
Latest News
New report on maximising consumer impact in digital finance
We are excited to launch our report, "Maximising Consumer Voices in Digital Financial Services Policy-Making." This study, based on interviews with Consumers International Members across 13 countries, highlights innovative strategies by consumer organisations to enhance digital financial services. Designed primarily for low- and middle-income countries, it also offers valuable insights for high-income nations.
Campaign for transparent digital finance
Consumers International urges governments, civil society organisations, digital finance providers, and other stakeholders to endorse our multistakeholder call-to-action for greater transparency in digital finance. We seek to improve consumer understanding and trust through relevant, timely, and inclusive information for informed decision-making and protection from harm.
New training modules now available
We are excited to announce that all 9 modules of the Fair Digital Finance Accelerator Programme are now live and available in English, French and Spanish.
Collectively, these modules cover digital financial services models, regulatory processes, risk management, advocacy strategies, funding plans, sustainable finance, gender mainstreaming, and financial literacy and inclusion.
FDFA Members can access these here.
Meet the 2024 FDFA grantees
This year, Consumers International awarded funding to 11 Members from the FDFA Network in low- and middle-income countries to enhance national fair digital finance initiatives. These projects include capacity building, policy advocacy, consumer protection, financial inclusion, and the development of accessible digital tools. Key efforts focus on improving transparency, fraud detection, consumer literacy, stakeholder collaboration, and the creation of robust complaint and redress systems.
Latest blog
Ashley Olson Onyango, Head of Financial Inclusion and AgriTech at the GSMA, discusses the launch of Consumers International's new digital finance index, 'Digital Finance: The Consumer Experience in 2024', and the progress needed to deliver better outcomes for consumers in low- and middle-income countries.
Influencing
Our participation in the ITU Global Symposium for Regulators 2024 emphasised the need for affordable access to digital platforms for vulnerable consumers. Additionally, at the Cerise+SPTF annual meeting, we highlighted the importance of responsible, transparent, and inclusive digital finance ecosystems, advocating for the institutionalisation of the consumer voice in policy and business decisions.
Opinion
Consumers International has amplified our perspectives across platforms like FinDev Gateway, FinEquity blogs, and CGAP through insightful pieces such as "A Fair Digital Finance Market Failure: What a Recent Consumer Protection Index Reveals," "How Can We Design Consumer Protection That Builds Women’s Trust?," and "The Role of Consumer Organizations to Support Consumers of Financial Services in Low and Middle Income Countries." These contributions highlight our commitment to enhancing consumer protection and trust.