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Articles by Eric Duflos
Solutions to Protect Consumers from Fraud in Digital Finance
Highlights Financial fraud and scams have become one of the most pressing threats to the financial sector and consumers in digital finance. Beyond direct monetary losses, fraud erodes consumer trust and risks reversing gains in financial inclusion. Anti-fraud efforts from authorities and providers struggle to keep pace with the complexity of modern fraud schemes.
Solutions to Protect Consumers from Fraud in Digital Finance
Financial fraud and scams have become one of the most pressing threats to the financial sector and consumers in digital finance. Beyond direct monetary losses, fraud erodes consumer trust and risks reversing gains in financial inclusion. Anti-fraud efforts from authorities and providers struggle to keep pace with the complexity of modern fraud schemes.
Ensuring Responsible Open Finance for Consumers and their Data
Open finance holds immense promise for financial inclusion, but with that great opportunity comes significant risk. As consumers share more of their data to access financial services, safeguarding their rights and security becomes paramount.
Surveys Reveal a Path to Responsible Digital Finance in WAEMU
For the first time, there is comprehensive data on the risks facing digital financial services (DFS) users in the West African Economic and Monetary Union (WAEMU) region, and it highlights the need for more responsible digital finance ecosystems. While digital finance services have lowered costs across the board and improved convenience for customers, they introduce new risks that can negatively impact consumers’ lives.
Four Major Challenges Faced by Mobile Money Users in Senegal
Skip to main content Digital financial services (DFS), in particular mobile money services, are driving the growth of financial inclusion in Senegal. According to Global Findex 2021, only 28 percent of adults have an account with a financial institution, but 45 percent of adults have a mobile money account, compared with 6 percent in 2014.
Consumer & Data Protection: A New Approach to Intersecting Risks
New data trails combined with data analytics capabilities can bring financially excluded and underserved consumers, such as women, into the formal financial system. This opportunity is accelerating with the adoption of open banking, open finance, and ultimately open data. However, data misuse in financial services, including identity theft, is one of the fastest-growing consumer risks according to recent CGAP research.
How do Industry Associations Promote Responsible Digital Finance?
A responsible digital finance ecosystem is crucial for customers Building responsible digital finance ecosystems is vital to developing consumer trust in the financial system and mitigating consumer risks, thus promoting overall financial inclusion. CGAP is exploring this new consumer protection approach, leveraging what has been done thus far, while taking a more holistic and proactive stance.
Digital Credit in Côte d'Ivoire: A Double-Edged Service
Digital credit has been on the scene in Cote d’Ivoire since 2018, but until last year, little was known about how digital credit is used in the country and what risks it presents to users. In 2022, as part of the WAEMU DFS Consumer Protection Lab, CGAP conducted a nationally representative phone survey with digital borrowers in collaboration with the Observatory for the Quality of Financial Services (OQSF) and Horus Consulting.
New accounts in China drive global financial inclusion figures
Nearly eight in 10 adults in China now have a bank account, according to the 2014 Global Findex. This represents a 15 percentage point increase since 2011. According to the survey, the number of global unbanked has decreased from 2.5 billion to 2 billion in the past three years, and China’s progress has been a major driver of this change. In fact, the 2014 Findex found that of the world’s 500 million newly banked adults, more than one third (180 million) live in China.
Debt moratoria in the next pandemic: Be prepared, and be fair
Imagine it is 2025 and that, unfortunately, another pandemic is sweeping the world. Much like in the 2020 crisis, borrowers have seen their livelihoods upended and are struggling to repay loans. One of the questions before policy makers amid this new crisis is whether to extend moratoria to distressed borrowers. In search of answers, they reflect on the world's experience with the COVID-19 pandemic and whether moratoria were part of the solution.
Debt Moratoria in the Next Pandemic: Be Prepared, and Be Fair
Aid, Civil Society, Global, Headlines, Human Rights, Humanitarian Emergencies, Poverty & SDGs, TerraViva United Nations Opinion By Elisabeth Rhyne* and Eric Duflos* Reprint | | Print | Credit: Temilade Adelaja via Communication for Development Ltd/CGAP, Washington DC WASHINGTON DC, Mar 25 2021 (IPS) - Imagine it is 2025 and that, unfortunately, another pandemic is sweeping the world. Much like in the 2020 crisis, borrowers have seen their livelihoods upended and are struggling to repay loans.
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