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Date: 25th September, 2024

Consumer Protection Policy

1. Introduction

At LibertePay, we are committed to protecting the rights and interests of our consumers. Our Consumer Protection Policy outlines our approach to ensuring fair treatment, transparency, accountability and security in our financial products and services. We believe that consumer trust is essential to our success, and we strive to maintain the highest standards of consumer protection.

The policy is guided by the Consumer Recourse Mechanism Guidelines for Financial Service Providers (2017) and aligns with relevant regulations and best practices in the financial services industry in Ghana.

We are dedicated to:

  • Providing clear and transparent information about our products and services
  • Treating consumers fairly and without discrimination
  • Protecting consumer data and transactions with robust security measures
  • Being accountable for our actions and decisions affecting consumers
  • Complying with relevant laws, regulations, and industry standards

2. Purpose

The purpose of this policy is to:

  • Ensure that consumers are treated fairly and equitably in all dealings with Liberte Pay LTD
  • Establish clear guidelines for protecting consumer rights and handling consumer complaints
  • Promote transparency in the provision of financial services
  • Create a conducive environment for effective consumer recourse and resolution of disputes

3. Scope

This policy applies to all consumers using LibertePay products and services, including:

  • Digital payments
  • Lending
  • Investments
  • Other financial solutions

Who is Covered:

This policy covers all consumers who use our products and services, including:

  • Individuals
  • Businesses
  • Merchants
  • Partners

What is Covered:

This policy covers all aspects of our products and services, including:

  • Marketing and advertising
  • Sales and account opening
  • Transaction processing and execution
  • Customer support and service
  • Complaint handling and dispute resolution

This policy also applies to all employees, management, and third-party service providers of Liberte Pay LTD who interact with consumers or handle consumer-related processes.

4. Key Principles of Consumer Protection

Our consumer protection policy is guided by the following key principles:

  1. Transparency: We will provide clear and concise information about our products and services, including terms, conditions, and fees.
  2. Fairness: We will treat consumers fairly and without discrimination, ensuring equal access to our products and services.
  3. Security: We will protect consumer data and transactions with robust security measures, ensuring confidentiality, integrity, and availability.
  4. Accountability: We will take responsibility for our actions and decisions affecting consumers, ensuring accountability and redress.
  5. Compliance: We will comply with relevant laws, regulations, and industry standards, ensuring adherence to best practices.

These key principles form the foundation of our consumer protection policy, guiding our actions and decisions to ensure the highest standards of consumer protection.

5. Consumer Protection Measures

1. Transparency

Liberte Pay LTD commits to providing clear and transparent communication regarding its products and services, including any associated risks, fees, and terms of use.

2. Accessible Information

Information about products, services, and policies will be made available through multiple channels, including the company’s website, customer service centers, and marketing materials.

3. Consumer Feedback

Consumers are encouraged to provide feedback regarding services and products. This feedback will be used to enhance service quality and consumer experience. To ensure the highest standards of consumer protection, LibertePay has implemented the following measures:

Clear Communication:

  • Plain language in customer agreements and marketing materials
  • Clear disclosure of terms, conditions, and fees
  • Regular updates on product and service changes

Consumer Education:

  • Financial literacy programs and workshops
  • Online resources and tools for informed decision-making
  • Support for consumer protection initiatives

Data Protection:

  • Robust data security measures to safeguard consumer information
  • Compliance with data protection regulations and industry standards
  • Regular security audits and testing

Complaint Handling:

  • Clear process for handling consumer complaints and disputes
  • Timely and professional response to consumer inquiries
  • Fair and transparent resolution of complaints

Product Design:

  • Products and services designed with consumer protection in mind
  • Regular product reviews to ensure compliance with consumer protection principles
  • Avoidance of harmful or exploitative features

Monitoring and Reporting:

  • Regular monitoring of consumer feedback and concerns
  • Reporting on consumer protection metrics and performance
  • Continuous improvement of consumer protection measures

These consumer protection measures are designed to ensure that LibertePay provides a safe and transparent financial services experience for our consumers.

6. Implementation

To ensure effective implementation of this policy, LibertePay will:

1. Assign Responsibilities:

  • Designate a Consumer Protection Officer to oversee policy implementation
  • Define roles and responsibilities for all employees

2. Provide Training:

  • Regular training for employees on consumer protection principles and procedures
  • Training for new employees during onboarding

3. Establish Procedures:

  • Develop clear procedures for consumer protection measures
  • Ensure procedures are accessible to all employees

4. Allocate Resources:

  • Provide necessary resources for effective policy implementation
  • Ensure adequate budget for consumer protection initiatives

7. Consumer Protection Team

Roles:

The Consumer Protection Team is responsible for ensuring that LibertePay’s products and services meet the highest standards of consumer protection. The team’s primary objectives are to:

  • Implement and enforce the Consumer Protection Policy
  • Provide guidance and support to employees on consumer protection matters
  • Monitor and address consumer complaints and concerns
  • Identify and mitigate potential risks to consumers

Responsibilities:

  • Develop and maintain consumer protection procedures and guidelines
  • Conduct regular training and awareness programs for employees
  • Collaborate with other departments to ensure consumer protection is integrated into all aspects of the business
  • Investigate and resolve consumer complaints in a fair and timely manner

Members:

  • Consumer Protection Officer (Team Lead)
  • Consumer Protection Specialist
  • Customer Service Representatives
  • Risk Analysts

8. Staff Training and Awareness

All employees will receive training on consumer protection principles, including understanding consumer rights, effective complaint handling, and maintaining ethical standards in customer interactions. Regular awareness programs will be conducted to ensure that employees are updated on consumer protection policies, regulatory changes, and best practices.

9. Complaint Handling Procedure

At LibertePay, we value our consumers’ feedback and are committed to resolving any issues they may encounter. Our complaint handling procedure is designed to ensure that all complaints are handled fairly, efficiently, and effectively.

Step 1: Receipt of Complaint

  • Complaints can be submitted via email, phone, or in-person
  • Complaints are acknowledged and recorded in our system

Step 2: Initial Review

  • Complaints are reviewed and assessed by our Consumer Protection Team
  • Initial response provided to the consumer within 24 hours

Step 3: Investigation

  • Investigation conducted to gather all relevant information
  • Consumer Protection Team works with relevant departments to resolve the issue

Step 4: Resolution

  • Resolution proposed to the consumer
  • Consumer feedback sought to ensure satisfaction

Step 5: Closure

  • Complaint closed and recorded in our system
  • Consumer notified of the outcome

Timeline

  • Acknowledgement: within 24 hours
  • Initial response: within 3 working days
  • Investigation: within 5 working days
  • Resolution: within 10 working days

Escalation

  • If the consumer is not satisfied with the resolution, the complaint can be escalated to the Consumer Protection Officer
  • Escalated complaints are reviewed and resolved within 15 working days

Reporting to Regulatory Authorities

  • In cases where complaints involve potential violations of laws or regulations, Liberte Pay LTD will report such issues to the appropriate regulatory authorities as required by law.

10. Glossary

  • Consumer: An individual or business using LibertePay’s products or services.
  • Complaint: An expression of dissatisfaction or concern about a product or service.
  • Consumer Protection Policy: LibertePay’s policy outlining our commitment to consumer protection.
  • Consumer Protection Team: The team responsible for implementing and enforcing the Consumer Protection Policy.

11. Contact Information

For consumer protection inquiries, complaints, or concerns, please contact us at:
Email: info@libertepay.com
Phone: +233 303980855
Address: LibertePay, #3 Dodi Link Airport Residential, Accra

Hours of Operation

Monday – Friday: 8am – 5pm

Language Support

English

12. Review and Update

To ensure this policy remains effective and relevant, LibertePay will:

1. Regular Review:

  • Review the policy annually or as needed
  • Assess effectiveness of consumer protection measures

2. Update and Revision:

  • Update the policy to reflect changes in laws, regulations, or industry standards
  • Revise procedures and measures as needed

3. Consumer Feedback:

  • Solicit feedback from consumers on policy effectiveness
  • Consider feedback in policy updates and revisions

4. Board Approval:

  • Submit policy updates and revisions to the Board for approval
  • Ensure Board oversight and accountability

By regularly reviewing and updating this policy, LibertePay demonstrates its commitment to maintaining the highest standards of consumer protection. Liberte Pay LTD will monitor the implementation of this policy through regular audits, feedback collection, and performance metrics related to consumer complaints and resolutions.

13. Compliance and Enforcement

Compliance with this Consumer Protection Policy is mandatory for all employees and stakeholders of Liberte Pay LTD. Violations of this policy may result in disciplinary action, up to and including termination of employment, as well as potential legal consequences.

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