National Bank official: protecting consumer rights in financial sector “important priority”

Lasha Gzirishvili, the Head of Consumer Protection Department at the National Bank of Georgia, on Friday emphasised protecting consumer rights in the domestic financial sector was an "important priority" following the approval of the first national strategy for consumer rights protection by the Georgian Government.

• Georgian Government agrees first national strategy for consumer rights protection

Gzirishvili highlighted the “active involvement” of the central bank in the development of the strategy, which aims to elevate the standard of consumer rights protection in the country and foster the sharing of best practices in this domain.

He said there had been a “growing trend” in customer behaviour at the central bank over the “last few years”, indicating an “increased awareness” among consumers about the protection of their rights.

We are actively working on developing and continuously refining the normative framework, organising the format for interacting with consumers, and setting high standards for transparency and disclosure of information. This, in turn, helps consumers make well-informed decisions and contributes to ensuring a more competitive environment in the financial sector", Gzirishvili added.

The four-year strategy encompasses legislative, institutional, and practical reforms, as well as efforts to raise awareness among consumers and businesses, the National Bank said.

The strategy also emphasises strengthening cooperation with both international and local organisations to address challenges in the sector.