Consumer Protection Standards for Digital Credit

Categories : Consumer protection, Regulation of Digital Financial Services


Author: Sarah Corley

With an emerging consensus around the importance of responsible digital credit, demand is rising for a shared set of criteria to assess the practices of digital lenders. Investors and regulators want a way to evaluate consumer protection practices among the financial service providers they invest in or regulate. Digital financial service providers also want guidance to improve their practices and demonstrate that they are committed to putting responsible finance into action.

The Consumer Protection Standards for Digital Credit launched in June 2019 and incorporate the Smart Campaign’s expertise in consumer protection, field research by the Campaign and others, collaboration with digital financial service providers through the Fintech Protects Community of Practice and on-the-ground testing with digital credit companies.