Chairman of the Democratic Green Party of Rwanda and MP Frank Habineza has questioned government if there is an existing strategy in place to protect consumers from emerging financial crimes which have left many penniless.
MPs showed their concerns yesterday during the long-awaited revised law relating to competition and consumer protection.
The law began its journey toward enactment following the passing of its relevance in the Lower House.
“I would like the Minister to tell us whether there is a national strategy in place to protect consumers from emerging crimes related to services like financial block chains, crypto-currency and bitcoin?” Habineza asked
He tasked the minister to explain what strategy is currently in place to protect consumers from emerging financial crimes which have left many penniless.
MP Veneranda Nyirahirwa pointed out the need for Rwandans to fully grasp the contents of the law.
“There are cases where a farmer will request for a loan and either the financial institution approves and delays to disburse it or it fails to inform the person that the request was denied.
“There is need for them to understand these laws very well so that they know what to do in such a case because they tend to know so little about their rights,” she said.
Minister for Finance and Economic Planning, Uzziel Ndagijimana responded that these businesses are still illegal in the country and efforts to discourage Rwandans from investing their money in such schemes will continue.
“It requires vigilance and indeed, most people have lost money. These services are not yet legal in Rwanda and the national bank has consistently explained to the locals not to invest their money in such.” he said
The bill will now move to the respective standing committee