Sanaa: The Yemeni Association for Consumer Protection (YACP), in collaboration with the Institute of Banking Studies (IBS), has launched a forum dedicated to enhancing financial consumer protection in digital microfinance services. This event, taking place in Sana’a, brings together representatives from the Consumer Association, IBS, banks, microfinance institutions, and e-wallet companies. The forum aims to address several key topics, including fundamental concepts and principles of financial consumer protection in digital microfinance, the challenges faced by microfinance service providers, and their role in promoting financial awareness and fair financing.

According to Yemen News Agency, Abdulghani Al-Samawi, the Director General of the Institute of Banking Studies, highlighted the significance of financial services, which have become essential for all members of society, particularly in remote and rural areas. He emphasized that financial consumer protection is crucial for safeguarding individuals and so
ciety, as well as enhancing transparency and confidence in financial services.

Al-Samawi further noted that the Institute of Banking Studies places significant importance on microfinance services. He mentioned that the Institute has developed an electronic microfinance platform designed to unite microfinance service providers and promote financial literacy and consumer financial protection.

Additionally, Al-Samawi stressed the need to develop and improve the quality of digital financial services, underscoring their role in expanding digital financial use and building consumer trust. He also commended the efforts of the Consumer Protection Association and its collaborative initiatives with the Institute in organizing this forum.