1. Introduction
Mikashboks Sierra Leone is a financial technology company dedicated to empowering individuals and communities in Sierra Leone through innovative and accessible digital savings solutions. We are helping bring informal saving groups like Village Savings and Loans Associations and Osusus online and connected to the formal financial marketplace. Our mission is to promote financial inclusion, economic growth, and financial stability by providing secure, transparent, and user-friendly services that cater to the unique needs of our users.
As a responsible and committed organization, Mikashboks recognizes the importance of adhering to the Bank of Sierra Leone’s Consumer Protection Policy. This policy aims to safeguard the interests of consumers by ensuring that financial service providers operate with integrity, transparency, and fairness. By aligning our operations with the principles outlined in the policy, Mikashboks strives to build trust with our customers, foster a positive user experience, and contribute to a robust and resilient financial ecosystem in Sierra Leone.
In this document, we will outline how Mikashboks addresses and complies with each key aspect of the Bank of Sierra Leone’s Consumer Protection Policy. We believe that our commitment to these principles not only enhances the quality of our services but also strengthens our relationships with our valued customers.
2. Transparency and Disclosure
Mikashboks is committed to providing clear, accurate, and comprehensive information about our services, fees, and terms and conditions. We believe that transparency is crucial in fostering trust with our users and enabling them to make informed financial decisions. Mikashboks adheres to the following principles regarding transparency and disclosure:
2.1. Clear and Accessible Information
We present all essential information about our products and services in a user-friendly and easily understandable manner. Our goal is to minimize jargon and technical terms, ensuring that our users have a clear understanding of how our platform works, the benefits it offers, and any associated costs.
2.2. Upfront Disclosure of Fees and Charges
Mikashboks is transparent about all fees and charges associated with our services. We disclose this information upfront during the registration and onboarding process, as well as within our app. Users can easily access and review the fee structure before engaging in any transactions or activities on our platform, and they can choose not to perform that transaction if they find it cost prohibitive.
2.3. Terms and Conditions
Our terms and conditions are presented in a clear and concise manner, emphasizing key points that are relevant to our users. We ensure that our users have access to and are fully aware of these terms and conditions before they start using our services. Users are required to accept the terms and conditions during the registration process, and we encourage them to read and understand these provisions thoroughly. Additionally, we host a mirror of this on our website at all times.
2.4. Regular Updates and Notifications
To maintain transparency and keep our users informed, Mikashboks provides regular updates and notifications regarding account activities, transactions, and any changes to our services or policies. We communicate these updates through various channels, including in-app notifications, emails, and SMS, to ensure that our users are always up-to-date with the latest information.
3. Fair Treatment
Mikashboks is committed to treating all our users fairly, with dignity and respect. We believe that fair treatment is a cornerstone of a successful financial services business and is essential for establishing long-lasting relationships with our customers. Mikashboks adheres to the following principles to ensure fair treatment of our users:
3.1. Equal Treatment and Non-Discrimination
We treat all users equally, regardless of their gender, age, ethnicity, religion, or socio-economic status. Mikashboks does not discriminate against any user and ensures that all customers have equal access to our services, support, and opportunities.
3.2. Responsiveness to User Needs
Mikashboks is dedicated to understanding the unique needs and preferences of our users and continually improving our services to meet these requirements. We actively seek feedback from our users through various channels, such as surveys, focus groups, and social media, and use this input to enhance our platform and user experience.
3.3. Reasonable and Proportionate Fees
We are committed to charging fair and reasonable fees for our services, in line with the value provided to our users. Our fee structure is designed to be proportionate to the services offered, ensuring that users pay for what they use without incurring excessive or hidden charges.
3.4. Prompt and Efficient Customer Support
Mikashboks recognizes the importance of providing timely and efficient customer support. Our support team is trained to address user inquiries and concerns promptly, professionally, and effectively. We continually strive to improve our customer support processes and channels to ensure the best possible experience for our users. We provide support in-app, via phone, via WhatsApp, in-person, and on social media.
3.5. Protection of User Rights
We uphold and protect the rights of our users, including the right to privacy, security, and redress. Mikashboks adheres to all relevant laws and regulations in Sierra Leone, ensuring that our users’ rights are safeguarded and that they have access to appropriate avenues for resolving disputes and complaints.
4. Privacy and Data Protection
Mikashboks is committed to safeguarding the privacy and personal information of our users. We recognize the importance of protecting the personal data we collect and process in line with the Bank of Sierra Leone’s Consumer Protection Policy. To ensure the confidentiality and security of our users’ data, Mikashboks adheres to the following guidelines:
4.1. Compliance with Data Protection Regulations
We comply with all applicable data protection laws and regulations, including the Bank of Sierra Leone’s Consumer Protection Policy and any other relevant legal requirements. Our data protection policies are designed to ensure the highest levels of compliance and to promote a culture of privacy and security within our organization.
4.2. Collection and Use of Personal Information
Mikashboks collects and processes personal information from our users only when necessary for the provision of our services. We obtain consent from our users before collecting their personal data and ensure that we only use the data for the purposes for which it was collected.
4.3. Data Storage and Security Measures
We store our users’ personal information on secure servers and implement robust technical and organizational measures to protect the data from unauthorized access, disclosure, alteration, or destruction. Our security measures are regularly reviewed and updated to ensure that we maintain the highest standards of data protection.
4.4. Third-Party Data Sharing and Processing
Mikashboks does not share our user’s personal information with third parties except when necessary for the provision of our services or when required by law. When sharing data with third parties, we ensure that they adhere to our data protection standards and that they process the data only for the purposes for which it was shared.
4.5. User Access and Control Over Personal Data
Mikashboks provides our users with the ability to access, review, and update their personal information at any time. Users can also request the deletion of their data or withdraw their consent to the processing of their personal information, subject to any legal or regulatory requirements.
By adhering to these principles of privacy and data protection, Mikashboks aims to create a secure and trustworthy platform that respects the rights and interests of our users. We believe that protecting our users’ personal information is essential to maintaining their trust and fostering a positive user experience on our platform.
5. Complaints and Dispute Resolution
Mikashboks is dedicated to providing excellent customer service and maintaining a positive user experience. We recognize that disputes and complaints may arise and are committed to addressing them fairly, efficiently, and effectively. Mikashboks has implemented the following complaint and dispute resolution procedures:
5.1. Internal Complaints Handling
We have established an internal complaint-handling process to ensure that any issues or concerns raised by our users are promptly addressed. Users can submit their complaints through our in-app support or email or by contacting our customer service team. Our dedicated support team will investigate the complaint and work towards finding a resolution within a reasonable timeframe.
5.2. Escalation of Complaints
If a user is unsatisfied with the outcome of their complaint or the manner in which it was handled, they can request that the issue be escalated to a higher level within our organization. Our senior management team will review the complaint and provide a response within a specified timeframe.
5.3. External Dispute Resolution
In the event that a user is not satisfied with the resolution provided by Mikashboks, they have the right to refer their complaint to an external dispute resolution body, such as the Consumer Protection Unit of the Bank of Sierra Leone or any other relevant authority. We will cooperate fully with any external investigations and comply with any decisions or recommendations made by the external body.
5.4. Continuous Improvement
Mikashboks is committed to learning from user feedback and continuously improving our complaint-handling processes. We regularly review our procedures to identify areas for improvement and implement changes as needed to ensure that we maintain the highest standards of customer service and dispute resolution.
6. Consumer Education and Awareness
Mikashboks recognizes the importance of consumer education and awareness in promoting responsible financial behaviour and informed decision-making. We are committed to providing our users with the necessary tools, resources, and information to help them understand our platform and services, as well as their rights and responsibilities as consumers. Mikashboks has implemented the following initiatives to promote consumer education and awareness:
6.1. Easy-to-Understand Information
We provide clear and concise information about our platform, services, fees, and terms and conditions. This information is presented in a user-friendly format and language, ensuring that our users can easily understand and make informed decisions about using our services.
6.2. In-App Tutorials and Guides
To help users navigate our platform and utilize its features effectively, we offer in-app tutorials and guides that explain how to use our services. These resources are designed to be easily accessible and provide step-by-step instructions to ensure that users can confidently and efficiently use our platform.
6.3. Financial Literacy Content
Mikashboks is dedicated to promoting financial literacy among our users. We regularly publish educational content on our blog, social media channels, and within our app. This content covers various topics related to personal finance, savings, and digital financial services, empowering our users to make informed financial decisions and develop responsible financial habits.
6.4. Customer Support and Assistance
Our customer support team is always available to assist users with any questions, concerns, or issues they may encounter while using our platform. In addition to providing prompt and efficient support, our team is also trained to educate users about our services and help them understand their rights and responsibilities as consumers.
6.5. Collaboration with External Partners
Mikashboks actively collaborates with external partners, such as government agencies, NGOs, and other stakeholders, to promote consumer education and awareness initiatives. We participate in and support various events, workshops, and campaigns aimed at improving financial literacy and empowering consumers to make informed decisions about their financial well-being.
7. Monitoring and Enforcement
Mikashboks is committed to ensuring compliance with the Bank of Sierra Leone’s Consumer Protection Policy and maintaining the highest standards of service and customer satisfaction. We have established a robust monitoring and enforcement framework to identify and address any potential breaches or shortcomings in our compliance with the policy. This framework consists of the following measures:
7.1. Internal Compliance and Risk Management
We have developed a comprehensive internal compliance and risk management system that enables us to identify, monitor, and address potential risks related to consumer protection. Our internal processes and controls are designed to ensure that our platform and services adhere to all applicable laws, regulations, and industry best practices.
7.2. Periodic Reviews and Assessments
Mikashboks conducts regular reviews and assessments of our platform, services, and internal processes to ensure ongoing compliance with the Consumer Protection Policy. These reviews enable us to identify any areas for improvement and implement corrective measures to enhance our consumer protection efforts.
7.3. Staff Training and Capacity Building
We recognize that our employees play a critical role in ensuring compliance with consumer protection regulations. As such, we provide regular training and capacity-building programs to equip our staff with the necessary knowledge and skills to uphold the principles of consumer protection and deliver exceptional customer service.
7.4. Reporting and Feedback Mechanisms
Mikashboks encourages users to provide feedback and report any potential violations of the Consumer Protection Policy through our customer support channels. We treat all reports and feedback seriously and take prompt action to investigate and resolve any issues that may arise.
7.5. Cooperation with Regulatory Authorities
We maintain an open and transparent relationship with the Bank of Sierra Leone and other relevant regulatory authorities. Mikashboks is committed to cooperating with these authorities in their efforts to monitor and enforce consumer protection regulations, and we promptly share any relevant information or reports as required.
Conclusion
In conclusion, Mikashboks is fully committed to upholding the principles and guidelines set forth in the Bank of Sierra Leone’s Consumer Protection Policy. We understand the importance of safeguarding the interests of our users and fostering trust in our platform and services. As such, we have implemented comprehensive measures across various areas, including transparency and disclosure, fair treatment, privacy and data protection, complaints and dispute resolution, consumer education and awareness, and monitoring and enforcement.
By adhering to these consumer protection principles and continually improving our platform and services, Mikashboks aims to deliver a safe, secure, and reliable digital financial services experience for our users in Sierra Leone. Our dedication to consumer protection not only helps us meet regulatory requirements but also enables us to build strong relationships with our customers, foster financial inclusion, and contribute to the growth and development of the digital financial ecosystem in the country.
