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The COOP Ukraine together with the National Bank of Ukraine and the Commissioner for Human Rights have launched a public information campaign on financial literacy “Know your rights”

The COOP Ukraine consumer cooperation system has joined the initiative of the National Bank of Ukraine and the Commissioner of the Verkhovna Rada for Human Rights regarding the conduction of a public information campaign to improve financial literacy of citizens “Know Your Rights”.

From today, 3 March, for three months, the project initiators and partners will distribute information materials aimed at raising the awareness among Ukrainian citizens of the rights and obligations they have as consumers when entering into financial transactions, particularly online.

“There are many reasons why Ukrainian citizens cautiously use the financial services or do not use them at all. These include surviving crises, negative consumer experience, and a lack of awareness of the benefits of using financial products. Today the National Bank has a dual objective. The first one is to impose additional requirements on the financial institutions, which would ensure their transparency of charges and fair behavior towards the consumers. The second objective is to promote comfortable financial awareness among Ukrainian citizens. These are necessary components for the improvement of the protection of financial services consumers, as well as for greater engagement of citizens in the financial system and the active use of services”, – said Deputy Chairman of the National Bank Oleksii Shaban during a briefing on Wednesday, where the draft has been presented.

According to Inna Bernaziuk, a representative of the Commissioner of Verkhovna Rada of Ukraine for Human Rights in the sector of personal data protection, the Office of the Commissioner for Human Rights received over 2,000 appeals about violations of consumer rights that took place in 2020, twice as many as in 2019. The significant part of them concerns misuse of personal data of the financial services consumer, his family members, psychological pressure by calling and sending content to phone numbers and e-mail addresses of the citizen. Related thereto, the National Bank informs that, the text of the agreement is important, i.e. the terms and conditions to which a citizen has voluntarily agreed before receiving a financial service. After all, the agreement itself, regardless of whether all its clauses are written visibly or not, determines how issues can be resolved in the future if the consumer delays or fails to fulfill the financial obligations he has undertaken.

“In 2020, the rapid digitalisation of many spheres took place because the pandemic and quarantine measures, particularly financial, so many people when applying for certain services online boldly press the ‘agree’ button without reading it, not fully aware of the legal validity of this action. Therefore we support the initiative of the National Bank and hope that Ukrainian citizens will be able to safely use various financial instruments for the benefit of their families and commercial initiatives”, commented Illia Gorokhovskyi, Chairman of the Board of Ukrkoopspilka (COOP Ukraine) on the participation in the “Know Your Rights” campaign.

During the public information campaign, information materials with key rules and contacts for additional information will be posted in COOP Ukraine consumer cooperative stores in different regions, including Volyn, Rivne, Chernivtsi and Kirovohrad.

As part of the public campaign, the National Bank of Ukraine launched a separate website “Know your rights”, where everyone can get all the necessary information. There will be a hotline for the provision of the information by telephone.

The international partners of the public campaign were IFC (International Finance Corporation), GGF (The Good Governance Fund of the United Kingdom), SECO (Swiss State Secretariat for Economic Affairs), EU-FINREG (EU Project to Strengthen Regulation and Supervision of the Non-Bank Financial Market in Ukraine).