At its opening WB country representative Larisa Leshchenko has stated that the Central Bank of Azerbaijan is the leader in providing rights of consumer financial services and increase of their financial literacy, and a system created in Azerbaijan is a model for other countries.
"The importance of consumer protection in the financial sector is important not only for Azerbaijan, but also for the whole world, and the last global crisis demonstrated this clearly. In this regard, within a new project we will support Azerbaijan’s efforts to implement the G20 principles of consumer protection, applying the best international experience and practices, including creation of the institute of financial ombudsman," Ms. Leshchenko said.
SECO regional representative Mathias Feldman has stated that "Consumer protection and financial literacy", funded by SECO in Azerbaijan since 2008 is the first such operation of the Secretariat in countries that are not EU members.
"Thanks to our grant of $1.3 million it is planned work with the new consumers of financial services, improve the system of credit reporting, raise public statistical data, as well as strengthen the ties between financial institutions and consumers. In particular, support will be given to the creation of associations of consumers," Mr. Feldman said.