harvesh seegolam : address - g20 / oecd task force on financial consumer protection address by mr harvesh seegolam, governor of the bank of mauritius, on the occasion of the g20 / oecd task force on financial consumer protection, port louis, 26 april 2023. * * * ms. nisha arora, chair of the g20 / oecd task force on financial consumer protection mr. chris green, chair of finconet members of the oecd the finconet governing council i wish you all a very good morning or good afternoon, depending in which geography you currently are if you are attending this event virtually. at the outset, i would like to thank the g20 / oecd together with finconet for organising this event at such a critical juncture where the advent of technology is revolutionising the delivery of financial services, thereby creating additional challenges for financial consumer protection. unfortunately, due to professional commitments, i could not make it in paris. however, as you can see, technology has made wonders not only in the financial services sector but also to enable us to connect from all corners of the globe. financial consumer protection has been high on my agenda since my appointment as governor in march 2020. i am pleased to share with the audience that from the 22nd to the 24th of november this year, the bank of mauritius will host the annual general meetings of finconet. you are all cordially invited to attend and further details will be provided by finconet as we draw closer to the meeting. i am pleased to share my views on such an important topic as consumer education and consumer protection, particularly in a global financial environment that technology is radically transforming. it would not be proper to underscore the importance of financial education and consumer education if we fail to comprehend the hazards of not educating and protecting consumers of financial products. indeed, failing on these two fronts would inevitably result in citizens making poor financial decisions, thereby affecting their quality of life and, by ripple, undermining the efficiency of our banking and financial systems. it is with these imperatives in mind that i have initiated a number of projects. in january last year, the bank of mauritius rolled out a nation - wide strategy with specific focus on financial literacy in a digital era. the strategy, which benefitted from the oecd infe's endorsement, aims at fostering an appropriate level of financial education to enable customers

to make informed decisions about the suitability of financial products to their specific situations. concurrently, the bank is actively building a robust financial consumer protection framework to shield consumers from abuse and make them become judicious users of financial products and services. 1 / 4 bis - central bankers'speeches we have made significant progress since the launch of our financial literacy strategy. in just two years, the bank has physically reached out to more than one quarter of the target audience of students aged 15 to 18. our online and social media platforms have catalysed dissemination to the public at large. our bank of mauritius museum facebook platform, which is a key element of our financial education outreach strategy, has actively been followed. while these do comfort us, we are not resting on our laurels. as i speak, the bank of mauritius, which is the national coordinator for the oecd's global money week again this year, is spearheading initiatives in the country with the participation of the mauritius bankers association and ngos. i here wish to thank the oecd and the g20 indian presidency for the focus they are placing on financial education and financial inclusion, and for having kindly invited the republic of mauritius to be part of some of the working groups. the bank of mauritius is honoured to be contributing to the discussions on the global partnership for financial inclusion and on financial sector issues. the learnings from these interactions will undoubtedly support the bank in its endeavours. ladies and gentlemen, while financial inclusion is a priority around the world, we need to be conscious that addressing gender gaps in the financial system also forms part of solving the equation. significant gender gaps still prevail in several geographies. while the figures are stark in developing economies, advanced economies are also not spared. in our common quest for inclusiveness, gender equality stands as a vital component of financial education and consumer protection. on this front, we cannot fail to underline how the oecd's relentless work on gender equality and the recommendation of the council on gender equality in education, employment and entrepreneurship go a long way in the financial empowerment of women and girls. as regulators, let us work together to ensure that our consumer education and consumer protection strategies contain specific components to address the additional financial literacy needs that women may have. ladies and gentlemen, the global financial system is surfing on the crest of technology. as online services and adoption of technology become increasingly the norm in the financial services industry, the possibility of wrongdoers abusing the