Consumer perspective notably absent from financial reform in Tanzania

Tanzania Consumer Advocacy Society (TCAS) recently released a paper entitled: The Quality of Financial Services: a Critique From Consumers' Perspective.

According to Daimon Mwakyembe, TCAS chairman, financial institutions in Tanzania 'have continued to overcharge consumers in terms of fees, interest rates and commissions – while others reject low income consumers out of hand as "unbankable".'

TCAS also believe that recent reforms of the financial sector have not taken consumer protection into account.

For more see http://tinyurl.com/yzey2je.

DECO finds personal loans have grown more expensive and confusing in past five years

The cost of personal loans in Portugal has risen dramatically since 2004, with fees increasing by over 70% in some cases. This is according to a recent study by DECO Proteste.

Consumers also face a confusing myriad of different 'entrance', 'opening', 'administration' and 'application' fees.

DECO believe that all banks in Portugal should use standard terminology to avoid consumers being 'deceived by jargon'.

'Even with lower interest rates, opening fees are more expensive. The Bank of Portugal and the Department of Consumer Affairs should impose a single opening fee with the same terminology across all banks.'

For more see http://tinyurl.com/ybqm3r7

Banking goes bananas

Choice, Australia have produced a great parody of a controversial video released by Westpac Bank, which used the rising price of banana smoothies after a tropical storm as an analogy to explain why they put up their interest rates.



Search YouTube for the original Westpac video

Spanish bank charges depositors in Peru by the banknote

In November 2009, ASPEC Peru denounced Spanish bank BBVA for imposing fees on cash deposits of more than 30 banknotes without informing their clients: http://www.aspec.org.pe/content/view/1016/8/