Rwanda Diagnostic Review of Consumer Protection and Financial Literacy : Private Pensions and Securities, Volume 2. Comparison with Good Practices

World Bank

World Bank, Washington, DC

关键词: CONSUMER PROTECTION;    FINANCIAL LITERACY;    PENSIONS;    SECURITIES;   

RP-ID  :  113823

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This review of consumer protection andfinancial literacy (CPFL) in the private pensions andsecurities sectors in Rwanda complements the 2013 review ofRwanda’s banking, microfinance, and insurance sectors. Asnoted previously, the institutional elements of the formalfinancial sector in Rwanda are in place but the levels offinancial inclusion are still low. The government pensionscheme covers less than 3 percent of the population, and thevoluntary private pension funds cover less than 1 percent.The new Pensions Law in Rwanda introduced a comprehensiveregulation of the private pension funds, providing a basisfor sound consumer protection and opening opportunities forgrowth, and yet some CPFL issues still need to be addressed.The securities market lists only 7 equities and 9 bonds,capitalized at 27 percent of GDP. The 2011 laws on capitalmarkets regulation introduced a sound regulatory frameworkthat is not yet complete nonetheless and requires strongerinvestor protection. The key findings and recommendations ofthe Review – presented in Volume 1 of 2 – detail the mainCPFL challenges and the suggested high priority remedies.The full list of recommendations is presented in theannexes. Volume 2 provides a detailed assessment of CPFL inboth the private pensions and securities sectors against theinternational best practices summarized in the World BankGroup’s good practices for financial consumer protection andfinancial literacy/capability.