Fintech must prioritize financial literacy and consumer protection

Department of Financial Services Secretary M Nagaraju has called upon India's FinTech sector to prioritize financial education and consumer protection as the country continues its digital transformation journey.

- TBG NETWORK

Speaking at the CII Financial Inclusion and FinTech Summit, Nagaraju highlighted that FinTech companies have a tremendous opportunity to educate millions of Indians about financial services, noting that a large number of people fall victim to cyber frauds due to a lack of financial awareness.

"You bring to bear your tools of innovation, and easy-to-operate systems to ensure that people are not defrauded by the fraudsters," Nagaraju urged the FinTech community, emphasizing their role in protecting vulnerable consumers.

He stressed that consumer protection should be a top priority, ensuring that users of FinTech ecosystems are treated fairly, their complaints are addressed properly, and they remain protected from fraudulent activities.