NAMFISA cautions on bank card, pin retention
By microlenders
Borrowers are encouraged to contact NAMFISA and report microlenders that insist on keeping their bank card, PIN and original identification documents.
The Namibia Financial Institution Supervisory Institutions (NAMFISA) is cautioning the public and microlenders against retaining and possession of bank card and PIN codes, original identification documents, original passports, and original driver’s license of their borrowers.
The retention of bank card and PIN codes, original identification documents, original passports, and original driver’s licenses is prohibited by section 23(1) (f) of the Microlending Act, 2018 (No. 7 of 2018) (“Microlending Act”). The prohibition is aimed at protecting microlending customers from being exploited by unscrupulous individuals and microlenders.
Microlenders found guilty of contravening section 23(1) (f) of the Microlending Act, which prohibits the retention of bank cards or personal information such as PIN codes, original identification documents, original passports, or original driver’s license as security or for collection arrangement purposes, are liable to pay penalties calculated at 10 percent of the annual value of loan disbursements in the immediate preceding financial year. As per the provision of section 3(2) of the Microlending Act, any person who conducts the business of a microlender without being registered in terms of this Act commits an offence and is liable on conviction to a fine not exceeding N$500 000 or to imprisonment for a period not exceeding five years, or to both such fine and such imprisonment.
Borrowers are encouraged to contact NAMFISA and report microlenders that insist on keeping their bank card, PIN and original identification documents by approaching NAMFISA’s complaints department. When lodging complaints use the following modes:
• In person: Lower Ground Floor, 51 – 55 Werner List Street, Gutenberg Plaza
• Telephone: 061-290 5134//290 5000
• Toll free number: 0800290500 (between 08h00 - 13h00 and 14h00 -17h00.
• In writing via:
• Fax: 061- 290 5161
• Post: (P O Box 21250, WHK)
• Website: www.namfisa.com.na
• Email: [email protected]
The retention of bank card and PIN codes, original identification documents, original passports, and original driver’s licenses is prohibited by section 23(1) (f) of the Microlending Act, 2018 (No. 7 of 2018) (“Microlending Act”). The prohibition is aimed at protecting microlending customers from being exploited by unscrupulous individuals and microlenders.
Microlenders found guilty of contravening section 23(1) (f) of the Microlending Act, which prohibits the retention of bank cards or personal information such as PIN codes, original identification documents, original passports, or original driver’s license as security or for collection arrangement purposes, are liable to pay penalties calculated at 10 percent of the annual value of loan disbursements in the immediate preceding financial year. As per the provision of section 3(2) of the Microlending Act, any person who conducts the business of a microlender without being registered in terms of this Act commits an offence and is liable on conviction to a fine not exceeding N$500 000 or to imprisonment for a period not exceeding five years, or to both such fine and such imprisonment.
Borrowers are encouraged to contact NAMFISA and report microlenders that insist on keeping their bank card, PIN and original identification documents by approaching NAMFISA’s complaints department. When lodging complaints use the following modes:
• In person: Lower Ground Floor, 51 – 55 Werner List Street, Gutenberg Plaza
• Telephone: 061-290 5134//290 5000
• Toll free number: 0800290500 (between 08h00 - 13h00 and 14h00 -17h00.
• In writing via:
• Fax: 061- 290 5161
• Post: (P O Box 21250, WHK)
• Website: www.namfisa.com.na
• Email: [email protected]
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