FINASA and CGSO partnership strengthens consumer trust in South African fintech

FINASA

10 minutes ago

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New agreement gives FINASA members access to consumer protection guidance, training and a clearer route for resolving customer complaints.

Johannesburg, South Africa – 22 September 2026

The Fintech Association of South Africa (FINASA) and the Consumer Goods and Services Ombud (CGSO) have formalised a partnership aimed at helping South African fintech companies strengthen consumer trust and build better processes for resolving customer complaints.

The Memorandum of Understanding creates a closer working relationship between FINASA and the CGSO, giving FINASA members greater access to education, guidance and training around consumer protection, while establishing a clear process for referring unresolved consumer complaints to the Ombud.

For fintech companies, this matters commercially.

Trust remains one of the biggest factors influencing whether consumers are willing to use a financial product, particularly when they’re dealing with a company or technology they haven’t used before. Having clear complaints processes, knowing how consumer protection requirements apply and giving customers an independent route for redress can help businesses demonstrate that they take that trust seriously.

“Fintech companies spend an enormous amount of time thinking about customer acquisition, product and growth, but trust is what allows all of that to work,” said Danielle Lawrence, COO of FINASA. “When a customer knows that a business has a proper process for dealing with problems, and that there’s an independent avenue available if something can’t be resolved, it gives them greater confidence to engage with that company.”

“And for our members, this partnership gives them direct access to the CGSO’s knowledge and experience. We want to help fintech businesses build the kind of consumer practices that strengthen their reputation and, ultimately, make customers more comfortable doing business with them”.

As part of the agreement, FINASA and the CGSO will work together on education and awareness around the CGSO’s mandate and consumer protection under the Consumer Protection Act.

FINASA will also arrange workshops with the CGSO for members, focusing on education, reporting and relevant compliance requirements. The CGSO will provide training to FINASA members on applicable provisions of the Consumer Protection Act and the Consumer Goods and Services Industry Code where required.

The partnership also establishes a standard process for relevant consumer complaints. FINASA members will first have the opportunity to resolve complaints directly with their customers in line with the applicable process and timelines. Where a matter remains unresolved, the consumer can be directed to the CGSO for further redress.

That creates clarity on both sides.

For businesses, it provides a defined escalation route rather than leaving individual companies to work out the process independently. For consumers, it makes it easier to understand what happens if they haven’t been able to resolve an issue directly with a provider.

“Working directly with an industry association such as FINASA strengthens awareness of consumer rights and supports fintech businesses in developing sound complaints-handling practices before disputes escalate.” said Ms Queen Munyai, CEO of the CGSO.

ABOUT FINASA

The Fintech Association of South Africa (FINASA) is the national industry body representing South Africa's fintech ecosystem. FINASA works with fintech companies, financial institutions, regulators, investors and ecosystem partners to advance innovation, support industry collaboration and promote financial inclusion. Through advocacy, stakeholder engagement, working groups, research and industry events, FINASA helps shape the future of financial services in South Africa.

ABOUT CGSO

The CGSO is an accredited independent body established under section 82(6) of the Consumer Protection Act 68 of 2008 and governed by the Consumer Goods and Services Industry Code. It provides a free alternative dispute resolution service to consumers in South Africa.