CFTC, Nice Trust move to enhance consumer protection
Competition and Fair Trading Commission (CFTC) has signed a memorandum of understanding (MoU) with the National Initiative for Civic Education (Nice) Trust in a bid to create an informed society in matters of competition and consumer protection regulation.
In a published statement on Wednesday, CFTC executive director James Kaphale said under the agreement, they intend to make information available to business entities and other organisations, which may be key in promoting competition and fair trading in Malawi.
“I should emphasise that this agreement is entered into on the basis of mutual respect, in a spirit of goodwill and does not affect the independence of the two institutions,” he said.
On his part, Nice Trust executive director Ollen Mwalubunju said the MoU will enable the two institutions to share knowledge and resources to consumers through Nice Trust Resource Centres countrywide.
He said Nice Trust has an Information Communication Technology (ICT) monitoring platform which CFTC can utilise by providing indicators and contributing to the maintenance and data collection cost.
The two institutions have also agreed to cooperate in civic education on competition and consumer protection, community mobilisation and empowerment and monitoring of adherence to the Competition and Fair Competition Act.
