Bosnia and Herzegovina : Diagnostic Review of Consumer Protection in the Microfinance Sector
This 2012 microcredit sector diagnostic review complements the 2011 review of the Banking sector and analyses the following five areas of consumer protection in microcredit: i) existing institutional arrangements, ii) consumer disclosure; iii) busi...
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| Format: | Report |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/494241482474579601/Bosnia-and-Herzegovina-Diagnostic-review-of-consumer-protection-in-the-microfinance-sector http://hdl.handle.net/10986/25893 |
| Summary: | This 2012 microcredit sector diagnostic
review complements the 2011 review of the Banking sector and
analyses the following five areas of consumer protection in
microcredit: i) existing institutional arrangements, ii)
consumer disclosure; iii) business practices; iv) dispute
resolution mechanisms; v) and financial education programs.
Bosnia and Herzegovina was the largest microfinance market
in Europe and Central Asia until the 2008 global crisis
prompted a rapid reversal. Authorities identified consumer
protection in microfinance as high priority and introduced
new regulatory provisions to stabilize the sector. This
review analyzes the existing consumer protection framework
and offers recommendations for further improvements. The
Institutional Arrangements section covers the agencies
responsible for implementing consumer protection, as well as
industry and consumer associations. The section on Consumer
Disclosure focuses on standard formats for price and product
comparison, disclosure provisions, and basic rights of
consumers. The Business Practices section covers unfair or
abusive practices, standard consumer contract provisions,
and industry Code of Conduct. The section on Dispute
Resolution focuses on internal complaints mechanisms in
financial institutions and out-of-court mechanisms. The
section on Financial Education focuses on measures aimed at
increasing consumer financial literacy and awareness. |
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