Financial Inclusion through Innovations - Improving Consumer Protection In Digital Financial Services

The central goal of this paper is to investigate how to promote financial inclusion by addressing the gaps of consumer protection in Digital Financial Services (DFS). This paper provides policy recommendations that address the asymmetry between payment service providers and consumers. To achieve this, a comparative research methodology with a functional approach from a micro-level was used to compare the institutions and gaps in different socio-economic settings. As this approach provides learning to examine the differences and similarities in legal regimes and address practical issues in policy reforms and development through primary and secondary sources. The result and conclusion of this research show that an efficient consumer protection framework is rudimentary to build consumer trust and confidence in Digital Financial Services which will result in an increased level of integration into formal financial systems