CONSUMERS URGED TO KNOW THEIR RIGHTS TO AVOID ABUSE AND EXPLOITATION FROM SERVICE PROVIDERS

Consumers have been urged to familiarize themselves with their rights when accessing services from various service providers across the country.

This was said by the Executive Assistant to the Governor of the Central Bank of Lesotho (CBL), Dr. Rethabile Masenyetse, during the closure of a two-day Market Conduct Supervision Workshop held in Maseru. Dr. Masenyetse said it is important for Basotho to be aware of their rights as outlined in various Acts of Parliament, which clearly define the rights and responsibilities of consumers.

He noted that informed consumers are better positioned to make sound financial decisions and to protect themselves against unfair practices by service providers.

He further emphasized that consumer protection is a shared responsibility between regulators, service providers and consumers, adding that lack of awareness often exposes consumers to exploitation and abuse. Dr. Masenyetse highlighted that the Central Bank of Lesotho continues to strengthen its market conduct supervision framework to ensure that financial institutions treat customers fairly, transparently and ethically.

He added that workshops of this nature are essential in building the capacity of stakeholders to promote compliance with regulatory requirements. According to Dr. Masenyetse, consumers who understand their rights are more likely to demand accountability, lodge complaints where necessary and contribute to a stable and trustworthy financial system.

Meanwhile, Mr. Moses Musantu from the World Bank stressed the importance of consumer protection, saying it plays a critical role in strengthening trust between consumers and financial service providers.

Furthermore, he adequate consumer protection improves confidence in the financial system, leading to increased participation and greater financial inclusion. Mr. Musantu further noted that effective consumer protection frameworks help prevent misconduct, reduce disputes and ensure that financial markets operate efficiently and fairly. He added that regulators must remain vigilant and proactive in monitoring market conduct to safeguard consumers’ interests encouraging collaboration among regulators, policymakers and development partners to ensure that consumer protection policies are well designed, effectively implemented and enforced.

Finally he stressed the need for continuous public education to empower consumers with knowledge of their rights and available redress mechanisms. The workshop concluded with a call for strengthened cooperation among stakeholders to promote fair market practices and enhance consumer awareness, with the aim of building a resilient, inclusive and consumer-focused financial sector in Lesotho.