Alongside financial education, financial consumer empowerment remains an essential ingredient in fostering financial capability and supporting financial inclusion. The Bank of Uganda operates a Financial Consumer Empowerment Mechanism (FCEM). The purpose of this mechanism is to coordinate information, inquiries, complaints handling and resolution.
The legislative framework that supports the FCEM includes Access to information Act, 2005; Access to Information Regulations, 2011; and Financial Consumer Protection Guidelines, 2011. The FCEM seeks to consolidate the different consumer recourse mechanisms that existed before, depending on the nature and license of the supervised financial institution and to standardize the financial consumers’ experience in the resolution of complaints.
In line with objective V of the NFIS 2017-2022 (Empower and Protect individuals with enhanced financial capability), the FCEM works closely with all the regulators in the financial sector.