In the framework of “Responsible Finance in the Caucasus, Ukraine and Iran” (RF) project commissioned by the German Federal Ministry for Economic Cooperation and Development (BMZ) and implemented by Savings Banks Foundation for International Cooperation (SBFIC), ADWISE Consulting conducted a study on digital communication services in Armenia. The key objective of the research was to support the Central Bank of Armenia (CBA) in enhancing the current legislation and regulations on consumer rights protection in the financial sector of Armenia. The research covered a market analysis of existing digital financial products and their features, an overview and analysis of prevailing legislation and regulations related to the consumer rights protection within this field, as well as a market analysis among financial institutions’ clients regarding their perception of consumer rights protection in the realm of digital financial services. As a result of the study, ADWISE came up with a set of recommendations on how to achieve the above-mentioned objectives of the project. Within the framework of the project, an international expert was involved by SBFIC to assist with the integration of international best practices and the provision of additional recommendations on how to further develop the digital communication services in Armenia.
ADWISE Consulting is proud to contribute to the advancement of the financial sector and the digital financial services in Armenia.