The Cyprus Consumers Association has launched a new public information initiative aimed at providing citizens with reliable guidance on key issues affecting everyday transactions, financial decision-making and household budget management. The Association of Cyprus Banks responded immediately, giving the effort its active support, according to a joint announcement by the two organisations.
An explainer video on loans and fraud
As part of the initiative, a dedicated information video has been produced, in which a series of key questions put by the Cyprus Consumers Association to the Association of Cyprus Banks are answered and explained in detail.
The topics covered focus on:
- loans;
- interest rates;
- restructuring procedures;
- raising public awareness on how to protect themselves effectively against financial fraud.
A permanent channel of communication
The two organisations have opened a permanent channel of communication, with a shared goal and joint action aimed at keeping citizens, consumers and borrowers informed on a regular, responsible and accurate basis.
Further information initiatives, discussions and actions are also expected to be launched soon to keep the public better informed.
What the two associations say
Speaking about the cooperation, the President of the Cyprus Consumers Association, Marios Drousiotis, said: "As consumers, we want to put substantive and sometimes difficult questions to sectors that affect the average consumer, such as the banking sector. The immediate response and support of the Association of Cyprus Banks in this effort makes a substantial contribution to providing citizens with reliable information."
The Director General of the Association of Cyprus Banks, Marios Skandalis, said: "We welcome and support this excellent initiative by the Cyprus Consumers Association. As the Association of Cyprus Banks, we declare that we stand by consumers and that we are the first to want to take part in such actions, which promote transparency and responsible public information."
He added: "I must also note that the organisation's new action strategy places practical support for society, and especially its vulnerable groups, among its main pillars. This cooperation of ours with the Cyprus Consumers Association will be neither occasional nor one-dimensional. It will be continuous, multifaceted and, above all, meaningful for every one of our citizens."
