The Namibia Financial Institutions Supervisory Authority (Namfisa) helped consumers recover more than N$1.7 million during the first quarter of 2026 after intervening in complaints lodged against financial service providers.
Namfisa said on Friday that it ordered N$1.73 million to be paid back to consumers between January and March.
This was slightly higher than the N$1.72 million paid out in the previous quarter.
The complaints came from consumers in the long-term and short-term insurance, pension fund, micro-lending and credit agreement sectors.
Namfisa said the most common complaints involves delays in pension benefit payments, rejected funeral insurance claims, failure to cancel contracts and delays in death benefit and refund payments.
The short-term insurance industry accounted for the largest share of money recovered, with N$1.06 million returned to consumers. Long-term insurance followed with N$465 052, while pension funds accounted for N$161 375 and the micro-lending industry N$47 904.
“Consumer protection remains central to our mandate, and we continue to encourage consumers to assert their rights and make use of the complaints mechanisms available to them,” Namfisa chief executive Kenneth Matomola said.
Matomola encouraged consumers to first submit complaints to the financial institution involved and seek written feedback before approaching Namfisa for assistance.
He also urged consumers to make sure financial service providers are registered with Namfisa before doing business with them.
