Namfisa orders N$3,8 million payback to consumers

Victoria Raimond

THE Namibia Financial Institutions Supervisory Authority (Namfisa) has secured over N$3,8 million in compensation for consumers in the non-banking financial sector during the third quarter of 2023.

This was revealed yesterday through a media release.

This marks a significant increase from N$672 347 in the previous quarter.

According to Namfisa’s spokesperson, Victoria Raimond, the recovered funds stem from various grievances, including disputes over charged amounts, inflated interest rates, unpaid pensions, funeral benefits and unreturned premiums.

According to Namfisa, it received various complaints from consumers of financial services during the second quarter.
These complaints were against the micro-lending and credit agreements, long-term insurance, short-term insurance and retirement fund sectors.

“Pension funds topped the list of offenders, coughing up N$3,16 million, followed by short-term insurers with N$392 340. Long-term insurers, micro lenders, and medical aid funds also contributed to the compensation pool,” said Raimond.

Raimond added that the increase in recovered funds indicates Namfisa’s growing effectiveness in protecting consumers and holding financial institutions accountable.

“This ongoing effort should contribute to rebuilding trust and confidence in the Namibian non-banking financial sector.”

Namfisa chief executive Kenneth Matomola said Namfisa is committed to working with all stakeholders to find mutually beneficial solutions to any complaint lodged.

“Treating customers fairly is what we should all subscribe to. Both Namfisa and service providers should continuously explore ways to ensure consumer awareness and education for the benefit of all stakeholders.

“We take these complaints seriously and strive to ensure that all matters are addressed in a fair and timely manner,” Matomola said.

He added that Namfisa’s free Consumer Complaints Department investigates grievances against any registered non-bank financial institution or intermediary in Namibia.

“We appreciate your comments and would like to assure you that we put in every effort to address your concerns and resolve issues related to our regulation and supervision of the non-bank financial industry,” said Matomola. –

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