Belize celebrates World Consumer Rights Day

By Benjamin Flowers: Today marks the 2022 observation of World Consumer Rights Day (WCRD), which is being done under the global theme “Fair Digital Finance”.

The Belize Bureau of Standards (BBS) in the Ministry of Agriculture, Food Security, and Enterprise announced the observation of the event today, noting that this year’s theme establishes that digital technologies are reshaping payments, lending, insurance, and wealth management everywhere becoming a key enabler for consumers of financial services.

To commemorate today’s event, the BBS in collaboration with the Central Bank of Belize held a webinar called “Digital Financing in Belize.”

The BBS explained that digital financial services and financial technologies are responsible for significant changes across the world, noting that Juniper research 2020 estimates there will be over 3.6 billion digital banking customers by 2024.

“Digital financial services have also created new risks along with exacerbating traditional risks that can lead to unfair outcomes for consumers and leave those who are vulnerable behind in an increasingly cashless society. The COVID-19 pandemic has also enhanced these risks where vulnerable consumers are more fragile due to economic hardship,” the BBS said.

The BBS went on to say that achieving fair digital finance for all will require a coordinated approach on a global scale, given the rapidly evolving and complex nature of digital financial services. The Bureau said that regulators will need to take regulatory approaches and that digital financial services and products will need to be centred around consumer protection and empowerment.

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