On April 14, 2025, the Bank of Algeria issued a new regulation to strengthen consumer protection in the banking and financial sector. This regulation outlines the rights and obligations of customers and institutions, aiming to enhance transparency, fairness, and trust in the system.
Key Customer Rights:
Fair and Respectful Treatment: Banks and financial institutions must treat customers honestly and respectfully at all times, with special attention to vulnerable individuals such as those with disabilities.
Prohibition of Unethical Practices: Intimidation, verbal abuse, or discriminatory treatment of customers is strictly forbidden. Offering or accepting unlawful benefits is also banned.
Transparency of Information: Institutions are required to provide clear, accurate, and free information to help customers make informed decisions about products and services.
Protection of Personal Data: Customers’ personal information cannot be shared or used without their consent.
Right to Withdraw: Customers may cancel any signed agreement with a bank or financial institution.
Responsibilities of Banks and Financial Institutions:
Efficient Handling of Requests: Customer requests and transactions must be processed promptly and effectively.
Data Security: Institutions must implement appropriate security measures to protect customer financial and personal information.
Complaints Management: Banks must establish a system to receive and handle complaints fairly, efficiently, and at no cost to the customer. Customers must receive a written acknowledgment within 10 days and a clear, detailed response.
Customer Obligations:
Provide Accurate Information: Customers must give truthful and accurate information when dealing with banks.
Read and Understand Documents: Before subscribing to any service, customers should read and understand the related documents.
Report Suspicious Transactions: Customers must report any unusual or unauthorized activity on their accounts.
Protect Personal Data: Customers are responsible for safeguarding their own personal and financial information.
Notify of Power of Attorney Changes: If a customer revokes a power of attorney granted to a third party, they must notify the bank.