The Bank of Cape Verde published a report summarising its 2024 behavioural (conduct) supervision work, covering the regulation and oversight of how financial institutions market financial products and services and the central bank’s financial literacy activities. During 2024, the central bank received 245 consumer complaints, of which 219 related to banking and 26 to insurance, averaging 20 complaints per month. Complaint handling resulted in CVE 3,267,665 being returned to customers by financial institutions; 53 complaints concerned customer service issues such as courtesy, queue management and service conditions, which the report notes sit outside conduct supervision but were still followed up and resolved. Under its risk-based approach, the Bank of Cape Verde carried out five inspections, one on-site and four remote, all focused on banks, and it reviewed and approved 11 fee schedule update proposals and seven code of conduct update proposals submitted by six institutions. Financial literacy work under the National Financial Education Plan 2021–2024 reached 1,426 participants through initiatives including school-based programmes, Global Money Week and Savings Week, with a stated focus on risks linked to the growing digitalisation of financial services.
Bank of Cape Verde 2025-07-24
Bank of Cape Verde publishes 2024 conduct supervision report with 245 consumer complaints and CVE 3,267,665 returned to customers
The Bank of Cape Verde released its 2024 conduct supervision report, detailing oversight of financial product marketing and financial literacy initiatives. The central bank addressed 245 consumer complaints, leading to CVE 3,267,665 in customer reimbursements, and conducted five bank inspections. Financial literacy efforts reached 1,426 participants, emphasizing risks from digital financial services.