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Consumer Protection in Electronic payment System in Ethiopia
(Addis Ababa University, 2024-09-01) BehailuTewabe; Solomon Abay (PhD.)
The advancement of technologies nowadays affects an overall economy of the world. Financial sectors also affected by these technologies. Ethiopia lately introduced a reform in its payment system laws. This helps in modernizing payment and enhancing financial inclusion. However due to its unique feature this electronic payment systems also pose a treat for customers. Thus there is a need to adjust general consumer protection laws to this effect. The NBE in this regard is the main regulatory body in Ethiopia to issue consumer protection laws. However these regulatory schemes are found in different legislations. Ethiopia therefore in this regard does not have a consolidated consumer protection legal frame work. These scattered laws also seem to lack clarity in safeguarding the interests of consumers. Furthermore the consumer protection legal frame work seems inadequate when we compare it to the international good practices. In addition there is a need for a coordinate effort of different regulatory organs in order to strengthen consumer protection. This paper, among other things, recommends that there is a need to develop the regulatory capacity of different regulatory organs and additional legal frameworks should also be incorporate in order to protect consumers