NAMFISA orders N$1.9 mln back to consumers

The Namibian Financial Institutions Supervisory Authority (NAMFISA) has ordered N$1.9 million back into consumers’ pockets as complaints and market conduct malpractices continue to increase.NAMFISA received various complaints from consumers of financial services during the period October 2021 to December 2021. The complaints were against the micro-lending and credit agreements, long-term insurance, short-term insurance, and retirement funds sectors. Most of the complaints were resolved amicably. The resolution of complaints resulted in consumers receiving a combined total of well over N$1.9 million from Non-Banking Financial Institutions that are regulated by NAMFISA.The complaints were broadly related to wrongful deductions, non-payment of motor vehicle claims, unpaid pension benefits, non-payment of beneficiary benefits and non-payment of funeral benefits.“Consumer protection is key to our operations, and therefore I encourage consumers to know their rights and responsibilities as users of financial service products,” says Kenneth Matomola, NAMFISA CEO.Matomola adds that NAMFISA has a dedicated complaints department that investigates complaints on behalf of consumers of non-bank financial services and products at no cost to the consumer. Generally, complaints including extensions of repayment periods without consumers’ consent, repudiations of insurance claims, non-payment of pension benefits, excessive interest charges, illegal deductions and non-cancellations of contracts, amongst others.Lodge a complaintAn aggrieved consumer can lodge a complaint against non-bank financial institutions or financial intermediaries registered and doing business in Namibia with NAMFISA. It is important to note that, NAMFISA exercise regulatory and supervisory oversight on institutions registered with it and doing business in Namibia. It is therefore important that consumers only do business with registered entities. Consumers of financial services can verify whether a business or entity is registered with NAMFISA by contacting NAMFISA’s offices or visiting the website.When lodging a complaint, firstly, consumers should ensure that they have a valid complaint by checking with the NAMFISA Complaints Department on 061 290 5134 or email complaintsdept@namfisa.com.na.Secondly, it is advisable to first lodge your complaint in writing with the financial institution concerned.It is important to Keep copies of all relevant documentation to send with the complaint for record purposes and all correspondences between the consumers and financial institution.In addition to that, consumers are urged not to submit original documents unless you are required to do so.Record names, dates, contact details, and valuable information. This makes the investigation easier and faster to conclude. When consumers lodge a complaint via telephone, they are urged to always follow up the call with a letter.

NAMFISA orders N$1.9 mln back to consumers

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Republikein 2025-08-29

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NAMFISA orders N$1.9 mln back to consumers

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