Whereas, trust and confidence of financial consumers promote financial inclusion, healthy financial transactions, and stimulate growth, stability, ethical innovation and efficiency in the financial system;

Whereas, innovation and development in the financial infrastructure and products and services, would possibly increase the risks and challenges particularly that low-income and less experienced financial consumers face;

Whereas establishing clear and objective financial consumer protection regulation, supervision, complaint handling and dispute resolution mechanisms are necessary to promote fair, responsible and transparent financial transactions and shape professional conduct of financial services providers towards financial consumers;

Now, therefore, in accordance with article 57 of the Banking Business Proclamation No. 592/2008 as amended by Banking (Amendment) Proclamation No. 1159/2019, article 59 of the Insurance Business Proclamation No. 746/2012 as amended by Insurance (Amendment) Proclamation No. 1163/2019, article 26 of the Micro-financing Business Proclamation No. 626/2009 as amended by Microfinance Business (Amendment) Proclamation No. 1164/2019 and article 20(2) of the National Payment Proclamation No. 718/2011, the National Bank of Ethiopia has issued this directive as follows.