Post by boj on Apr 2, 2022 3:29:47 GMT
The Government has taken several steps to protect and educate consumers, says Minister of State in the Ministry of Industry, Investment and Commerce, Dr. the Hon. Norman Dunn.
Among the initiatives is a National Consumer Policy, coordinated by the Consumer Affairs Commission, that establishes a formal structure to enhance consumer protection policies among government ministries, departments and agencies (MDAs) and other stakeholder groups who work directly or indirectly with consumers.
Speaking at today’s (March 15) World Consumer Rights Day online forum, under the theme ‘Fair Digital Finance’, Dr. Dunn said the Government has also expanded the financial offerings with the Bank of Jamaica (BOJ) digital currency, Jam-Dex, which will open the door for fast, no-fee, cashless transactions, enabled by a smartphone.
He shared that in a 2018 World Bank report, it was posited that gaining access to basic financial services, such as transaction accounts, credit, savings, and insurance, helped the poor increase their standard of living by being able to make simple transactions more efficiently.
“In rural Jamaica, this may mean savings of thousands of dollars for transportation and removing the worry of travelling with cash to pay bills,” Dr. Dunn said.
However, he noted that there is a cautionary side to engaging in the digital space and urged the user to be responsible to guard against pitfalls.
“The Government, too, has a role to play in ensuring that the legislation is in place to protect users’ data and privacy, and this is done through the Data Privacy Act 2020,” Dr. Dunn said.
“On this World Consumer Rights Day, 2022, our goal is to ensure our consumers are informed, and it is with this in mind that we have invited presenters to update us all about the benefits of digital payment services for everyday essentials, such as water, electricity, and telecommunications,” he said.
Dr. Dunn reiterated the Ministry’s commitment to pursue policies and programmes that will facilitate the rights of the consumer, and to extend its resources, where possible, to entities that offer digital financial services that place consumer protection and empowerment at their core.
Meanwhile, he said the theme, Fair Digital Finance, promotes the expansion of digital products and services in Jamaica.
He argued that a fair digital financial system offers many opportunities for all and expanding the suite of digital financial services empowers Jamaicans to cope with crises and boosts economic activity.
Chairman, Consumer Affairs Commission (CAC), Donovan White, said the Commission will collaborate with entities to inform consumers about the development of the digital finance ecosystems in Jamaica.
World Consumer Rights Day is observed on March 15 annually. The day aims to raise global awareness of consumer rights, consumer protection and empowerment.