Jun 3 , 2023
Concerns over the guaranteed safety of user data in the digital economy were discussed amongst participants from legal firms, commercial banks and the National Bank of Ethiopia (NBE) last week. Ensuring data security was the primary focus of the talks. The necessity of proper regulation was asserted, citing the experiences of Uganda and Kenya. Francis Kariuki, the first director of Kenya's Consumer Protection Agency, suggested a partnership between industry participants as crucial in installing an infrastructure capable of providing safety for consumers. Silver Kayondo, a Ugandan lawyer who founded a firm that champions consumer rights in mobile payments, reasoned that creating an organisation that lobbies on behalf of consumers is paramount in settling micro-disputes. According to Silver, most payments made through mobile transfer systems are less than 13 dollars, and the result of going to court is minimal, requiring a balancing actor in between. The panel discussion was organised by FSD Ethiopia with the goal of identifying and addressing the underlying causes of financial system failures. The event took place at the Hyatt Regency, Africa Avenue (Bole Road) and featured opening remarks from State Minister of Innovation & Technology, Huria Ali, and the Chief Executive Officer of FSD Ermias Eshetu.
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