In the year 2020, the Central Bank (Bank/CBE) established the Market Conduct and Consumer Protection (MCCP) Unit with the aim of strengthening the CBE’s oversight on the market conduct and consumer protection mandate. Previously, the Bank’s supervision predominantly focused on prudential issues which are focused on the safety and soundness of financial institutions.

The objectives of the MCCP Unit are:

  1. ensuring that customers are treated fairly by regulated FSPs;
  2. fostering the efficiency and integrity of the financial system through ethical and professional treatment of consumers which, in turn will build confidence in the financial system;
  3. ensuring fair competition in the interest of consumers; and
  4. empowering consumers to improve their financial literacy so that they can make informed and sound financial decisions through the provision of information, enhancing their skills and education including educating the financially excluded on the accessibility and use of financial services.