CEMCWG finds inspiration beneath the snow-capped mountains of Dilijan, Armenia

AFI’s 11th meeting of the Consumer Empowerment and Market Conduct Working Group (CEMCWG) came to a conclusion on Friday in the Central Bank of Armenia’s (CBA) Dilijan Training and Research Centre.

Led by the the CEMC Chair, Ms. Armenuhi Mkrtchyan (CBA), Co-Chair Ms. Prudence Kasala (BSP) and facilitated by AFI’s Eliki Boletawa, 37 participants representing 24 member institutions had three days of enthusiastic and informative discussions. Members shared national updates from the 24 AFI members present, before turning to in-depth sessions on emerging regional trends and new developments that are likely to impact the work of the group over the next year.

Invited stakeholders to the CEMC meeting included, Mr. Daniel Balson from ACCION who spoke on the SMART campaign, Mr. Stanislaw Zmitrowicz from CGAP who shared ideas on risk based supervision and Mr. Konstantin Pagonas from GIZ who spoke on national frameworks for financial education programs.

The importance of AFI’s Maya Declaration and commitments was highlighted during the meeting with the Maya Progress Report suggested as a first step in researching CEMC trends within the wider AFI network. “The incorporation of Maya research into the upcoming AFI Data Portal will give the working group members unprecedented access to detailed financial inclusion data. Maya can be a powerful tool in guiding your work,” noted Mr. Boletawa.

The relationship between gender and consumer protection policy was considered, with a general agreement that specific guidelines for safe practices, practical products and gender specific education programs should be part of the CEMCWG agenda. An interesting discussion on green finance and its connection to sustainability and consumer empowerment also took place.

Participants joined their colleagues from the DFS working group on a joint field trip to the Armenian capital of Yerevan where they had a chance to see firsthand how the CBA is supporting financial inclusion. Officials at the Office of the Financial System Mediator explained its free dispute resolution services for conflicts between financial institutions and individuals. While at the Armenian Motor Insurers Bureau, participants learned how this self-regulatory office protects the interests of the injured, and supports the stability and development of the Compulsory Motor Vehicle Liability Insurance System.

Inspired by the productive week, CEMC members will now return to their home counties and, working remotely, develop these products/subjects further with the goal of finalizing when the group next meets at AFI’s Global Policy Forum (GPF) in Fiji this September.

Looking back on the meeting Ms. Mkrtchyan reflected on the importance of the group’s work, saying “Consumer empowerment and market conduct are essential elements for any successful financial inclusion strategy, but it is a field in which we must be constantly learning and always improving. This is why being able to meet and work together in an AFI working group is so valuable.”

The CEMC working group currently includes 55 members from 48 countries. It is the second largest working group within the AFI network.