Effect Of Consumer Education By Consumer Federation Of Kenya On Consumer Protection In Commercial Banks Of Kenya

Background: In many jurisdictions, consumer protection law has not been enacted despite the financial services industry's development. This means that in order to boost client confidence and promote the adoption of innovative products, financial services clients must have access to fundamental protections. The prevalence of uninformed customers who rely on financial institutions for their information has led to a rise in the misuse of consumer confidence. Abuse by banks and its marketers, such as imposing exorbitant charges on clients' accounts without providing formal advice, is becoming more widespread. The purpose of the study was to ascertain the measures taken by the Consumer Federation of Kenya to ensure adequate access to information by Kenyan commercial banks customers in an effort to ensure their protection. approach was taken to get in touch with the COFEK staff. Methodology: Questionnaires were utilized in the study to collect data. Both inferential and descriptive statistics were used to analyze the data. Version 22 of the Statistical Package for Social Sciences (SPSS) was employed. Frequency tables, percentages, and relevant statistical descriptions were used to display the data. Results: Most of the respondents were fairly aware of the consumer education activities carried out by the protection agency in commercial banks. Consumer education had a significant coefficient (p-value = 0.0001; β = 0.469) according to the data analysis. Consumer education is statistically significant in ensuring consumer protection. Conclusion: COFEK should enhance the sensitization programs put in place for clients with a view of making them more informed. Public drives to raise the awareness levels should be carried out.