The Moldova Ministry of Finance said the government has approved a draft law designed to strengthen consumer protection and improve access to modern financial services. The measure covers the comparability of fees for payment accounts, the switching of payment accounts and access to payment accounts with basic services. The draft would create a public online platform, managed by the National Commission for the Financial Market, to compare fees charged by banks and other payment service providers. It also sets clear rules for transferring a payment account from one provider to another, with the aim of simplifying switching for consumers. In addition, individuals would be guaranteed access to a payment account with basic services, including transfers, receipts and cash deposits. The ministry said the new provisions would increase fee transparency, encourage competition among payment service providers and support financial inclusion.

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