Products being offered by microfinance banks: CCP reviews terms & conditions for customers

ISLAMABAD: The Competition Commission of Pakistan (CCP) Tuesday reviewed terms and conditions for customers of products being offered by microfinance banks through digital platforms.

On Tuesday, the CCP held a one-day workshop on Competition Law, tailored specific to the microfinance banks that are associated to the cellular companies operating in Pakistan.

A comprehensive discussion was held on the products being offered by microfinance banks on digital platforms and the matters which need to be given due consideration while marketing the products and in describing terms and conditions to the customers.

The participants included representatives from Mobilink Microfinance Bank Limited, U Microfinance Bank Limited, and Telenor Microfinance Bank Limited. The event discussed the relevant provisions of the Competition Law pertaining to mergers & acquisitions, prohibited agreements, abuse of dominance, and deceptive marketing practices. The opening session was also attended by Dr Kabir Ahmed Sidhu, (Chairman, CCP) and Salman Amin (Member, CCP).

The CCP has conducted numerous sessions with various stakeholders, including companies, chambers of commerce &industry, academia, and business associations. These sessions have proven instrumental in fostering awareness about competition law and promoting self-compliance. As microfinance banks play a significant role in Pakistan’s economy and are expanding their portfolios with new products being offered to the public, CCP organized this specialized session for them.

The participants were officials dealing with marketing, legal, compliance, risk management, investigation, branding, and financial affairs. The workshop enhanced the knowledge of the participants on Competition Law and gave them practical insights into provisions of the Competition Law. A comprehensive discussion was held on the products being offered by microfinance banks on digital platforms and the matters which need to be given due consideration while marketing the products and in describing terms and conditions to the customers.

In the closing session, Athar Mehmood Asif, Ammar Bin Saqib, and M Haroon Khan from U Microfinance Bank, Telenor Microfinance Bank, Mobilink-Microfinance Bank, respectively, thanked the Commission for such a useful session with major takeaways.

Copyright Business Recorder, 2024