By Delisa Thwala
How well do you know your digital financial products?
This is the question most consumers should be asking themselves in today’s fast-paced world, the Central Bank of Eswatini (CBE) has helped answer this question.
On their website and LinkedIn, CBE shared that digital financial products and services have become an integral part of everyone’s daily lives.
“The financial sector encompasses a wide range of digital financial products offered by financial service providers, accessible through digital platforms such as ATMs, mobile apps, and the internet,” reads the communique.
If further states that, the platforms include money transfers, bill payments, savings, loans, insurance, and more.
However, with the rise of these digital financial services (DFS), consumers must be informed about the benefits, risks, and necessary precautions to ensure safe and secure transactions.
The communique further communicates that the Bank has a Market Conduct division under the Financial Regulation Department which is enshrined with the mandate to ensure good conduct even when financial institutions, under the CBE’s purview, provide digital products to consumers.
The use of these products has significantly transformed the way consumers interact with their finances, making transactions faster, more convenient, and more accessible.
ALSO READ: Eswatini strengthens efforts in combating financial crimes, says Minister Prince Simelane
The adoption of digital financial products offers several advantages for both consumers and service providers.
“For consumers, the ability to perform transactions from the comfort of their homes at any time or on the go is a major convenience.
This not only saves time but also reduces the need to carry physical cash, which can be cumbersome and risky,” it reads further.
Noteworthy is that the Central Bank’s Legal Notice 62 of 2016, which requires banks to publish their fee schedules on their websites, places of business, and in newspapers, ensures transparency that should enable customers to compare the benefits of using digital services against traditional ones.
Accessing these services has been dubbed as an easy process, in that consumers can register for them at a branch, online, or through an agent of the financial service provider.
They can also become recipients of transactions initiated by others, such as receiving money in an electronic wallet or mobile wallet or they can initiate transactions themselves, such as depositing money into another person’s account at an ATM.
Despite the convenience brought about by digital financial products, consumers are warned about the risks that come with these.
The Bank emphasizes the importance of consumers always remaining vigilant when using the products and implementing the necessary precautions.
ALSO READ: Eswatini Government to improve reach and depth of financial services
These may include knowing your service provider, protecting your PIN, using secure networks and devices as well as being aware of fraud and scams.
“As we continue to embrace digital financial products, it is important for consumers to be proactive in understanding the landscape.
By being aware of the benefits and risks, and by taking the necessary,” read the communique from CBE.
precautions, consumers can enjoy the full advantages of digital financial services while safeguarding their financial well-being.
Remember, knowledge is power, and in the digital age, being an informed consumer is more important than ever.
