Tbilisi (GBC) - Natia Turnava, Governor of the National Bank of Georgia (NBG), participated in the opening event of the Third International Consumer Protection Week. During the event, six regulatory agencies responsible for consumer protection discussed key results, challenges, and enforcement mechanisms.

In her speech, Turnava highlighted the NBG's ongoing efforts to enhance consumer protection standards and foster a competitive financial environment. She emphasized that the effective implementation of legislative innovations and regulations requires continuous consultation and close cooperation with financial sector representatives. Accordingly, regulatory changes in consumer protection are regularly introduced in response to sectoral challenges and evolving consumer needs.

“In 2024, like in previous years, the National Bank of Georgia actively worked to further improve the customer-focused environment in the financial sector, and a number of important activities/changes were implemented in this regard, including amendments made to the regulation on protecting consumer rights. Additional regulatory requirements extended to payment service providers, including detailed procedures for consumer complaints and mandatory reporting to the NBG, effective April 15, 2024.

“We have also reinforced market conduct supervision, incorporating risk-based oversight to foster a regulatory environment that prioritizes consumer protection and ensures sector-wide compliance. To this end, we have developed a draft Market Conduct Supervision Strategy, which we will soon present to the public and hope to see adopted this year,” noted the NBG Governor.

Turnava also underscored the importance of raising public awareness and sharing key updates through events like Consumer Protection Week.

"In recent years, the number of customers reaching out to the National Bank of Georgia has steadily increased, further demonstrating the positive impact of our efforts to enhance consumer awareness. In late 2023, the National Bank of Georgia established a Dispute Resolution Commission, which addresses disputes related to payment services, offering consumers a fast, effective, and free resolution mechanism. In 2024, the Commission reviewed approximately 90 disputes between consumers and payment service providers, including banks. Remarkably, 85% of these cases were resolved in favor of consumers, with a total of 300,000 GEL paid to consumers by the service providers," - said Natia Turnava.

A major focus of Consumer Protection Week is enhancing accessibility for consumers with disabilities. Six regulatory agencies presented specially developed materials aimed at empowering individuals with disabilities and ensuring equal access to consumer rights information.

"One of today's key topics is ensuring that persons with disabilities have access to information about their rights. To support this, the National Bank of Georgia has developed a concise booklet that provides essential information to help users better understand their rights and responsibilities. It is worth noting that the financial sector is actively working to create and enhance an inclusive environment for persons with disabilities. The National Bank of Georgia fully supports this process and remains committed to further refining and advancing these efforts in the future," - said Natia Turnava.

The opening event was also attended by Ekaterine Galdava, Vice Governor of the NBG. The Third International Consumer Protection Week will take place from March 10-15 in Tbilisi, Akhalkalaki, Zugdidi, and Batumi.

Participants include representatives of regulatory agencies, members of parliament, central and regional government officials, international organizations, the Georgian Union of the Deaf, the Union of the Blind, and representatives from the business, academic, and non-governmental sectors. The week’s objective is to strengthen consumer rights protection mechanisms in Georgia.