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Elevating the Collective Consumer Voice in Financial Regulation

Elevating the collective voice of digital financial services (DFS) consumers can give them more say and more power in the financial sector. Through a stronger consumer voice, regulators will gain a better understanding of the risks facing consumers and adapt regulations accordingly, thus making financial services more responsible. Through its research, CGAP identified three opportunities to elevate the consumer voice that deserve support: consumer groups and associations; regulatory consultative bodies; and technologies that elevate the consumer voice. This paper explores the potential impact of incorporating the collective voice of consumers into financial sector policy and regulation, and opportunities for funders to help elevate these voices.

CGAP is a global partnership of more than 30 leading development organizations that works to advance the lives of poor people through financial inclusion. Using action-oriented research, we test, learn and share knowledge intended to help build inclusive and responsible financial systems that move people out of poverty, protect their economic gains and advance broader development goals. We research and experiment to achieve proof of concept and extract lessons that can be built to scale by our partners, who apply our insights in the marketplace.