Sana'a: The proceedings of the Third Digital Financial Consumer Forum, organized by the Yemeni Consumer Protection Association in partnership with the Central Bank of Yemen, concluded today in Sana'a.
According to Yemen News Agency, over three days, the forum discussed themes including combating financial fraud in digital services, emerging risks and fraud methods in the digital payment environment, challenges in confronting fake money investment companies, secure digital infrastructure, enhancing trust, developing regulatory and legislative frameworks to protect financial consumer rights, as well as shared roles and responsibilities for achieving financial security and boosting consumer confidence.
During the closing ceremony, the Acting Minister of Economy, Industry, and Investment, Sam Al-Bashiri, highlighted the importance of integrated efforts among various government entities, the banking sector, and the private sector to develop and improve the level of digital financial service delivery and keep pace with technological advancements in this field. He praised the efforts of the Yemeni Consumer Protection Association and the Central Bank of Yemen in organizing this forum to establish an awareness base for consumers, increase awareness about digital transactions, and promote safe practices when using these services.
He emphasized the necessity of producing important recommendations in the field of digital financial consumer protection as a shared responsibility among relevant authorities, banks, financial institutions, and related technical entities. Al-Bashiri affirmed the ministry's readiness to provide all forms of support and facilities to contribute to the success of the digital transformation as an imperative and modern necessity. He indicated that the ministry is in the process of developing a consumer protection law, preparing an e-commerce law, and other laws and legislation aimed at protecting consumers in all fields and aspects.
During the closing session, attended by the Deputy Minister of Finance for Revenue Sector Mohammed Mathna and the Director General of the Yemeni Authority for Specifications, Standards, and Quality Control Abdullah Al-Atefi, the President of the Yemeni Consumer Protection Association, Fadl Mansour, reviewed the forum's objectives and its role in exchanging information, generating knowledge, and identifying best practices, experiences, and expertise in the field of digital financial services. He touched upon the association's efforts in enhancing trust in digital financial services and enabling consumers to access services across all regions of Yemen easily, efficiently, transparently, and at low cost, stemming from its goals of protecting consumers in general.
The forum, in its first closing session chaired by the Deputy Minister of Finance for the Revenue Sector, discussed working papers. The first paper addressed the integration of roles and responsibilities and a framework for coordinating national efforts to protect the financial consumer. The second paper covered legislation and regulatory systems for consumer protection in digital financial services and reviewed current regulations and legislation. The third paper presented the role of postal financial services in achieving digital financial inclusion and enhancing consumer protection. The fourth paper discussed the security of digital financial transactions and enhancing trust in the financial system as a shared responsibility.
At the conclusion, all supporting and sponsoring entities of the forum, as well as the presenters of the working papers, were honored.