NAMFISA orders N$1.3 million back to consumers

The Namibia Financial Institutions Supervisory Authority (NAMFISA) ordered non-banking financial institutions (NBFIs) to pay back a total amount of about N$1.3 million to consumers during the first quarter of 2022.The payments broadly relate to wrongful deductions, nonpayment of motor vehicle accident claims, unpaid pension benefits, non-payment of beneficiary benefits and non-payment of funeral benefits.The non-banking financial institutions regulator’s consumer complaints department received a total of 199 complaints and resolved 160 cases during the first three months of 2022.96.5% of the total complaints received involves micro lending and credit agreements (49), long-term insurance (69), short-term insurance (32) and retirement funds (42). Only 7 complaints related to medical aid funds were received.According to NAMFISA, retirement funds, long term and short-term insurance industries accounted for 98% of the total N$1.3 million paid to consumers in the period under review.Long term insurance had the highest number of resolved cases of 66, followed by short term insurance (32), micro lending and credit agreements (31), pension funds (16) and medical aid (8).In terms of the funds recovered on behalf of consumers per industry, N$777 137.24 was recovered from long term insurance, short term insurance (N$481 510.40), pension funds (N$88 893.00), micro lending and credit agreements (N$27 510.59) and medical aid funds N$22 863.45.Overall, the total complaints received from consumers of financial services in the first quarter of 2022 reflect a reduction of both 8.7% from the fourth quarter of 2021 and of 11.9% on an annual basis.AssetsThe NBFI’s sector assets decreased quarterly by 0.5% and increased annually by 8.0% to N$368.6 billion at the end of the first quarter of 2022.The decrease in assets is mainly due to a worsening performance in the financial markets, NAMFISA said.’The long-term insurance industry’s total assets increased by 0.4% quarter-on-quarter and by 6.7 percent year-on-year to N$67.0 billion as at 31 March 2022. The industry’s total liabilities also increased by 0.4% quarter-on-quarter and 8.6% year-on-year to N$58.1 billion as at 31 March 2021. In addition, the short-term insurance industry’s total assets declined by 2.0% quarter-on-quarter and by 6.3% year-on-year to N$7.0 billion as at 31 March 2022.The industry’s total liabilities increased by 5.3% quarter-on-quarter and declined by 1.9% year-on- year as at 31 March 2022.Moreover, the medical aid industry held total assets of N$2.2 billion as at 31 March 2022, a decrease of 4.9% from the previous quarter and a decrease of 8.6% on an annual basis.The industry’s current liabilities increased by 13.7% quarter-on-quarter and by 18.8% year-on-year to N$533.0 million.Furthermore, the total retirement fund investments (including insurance policies) decreased by 1.7% quarter-on- quarter and increased by 9.1% year-on-year to N$208.1 billion.Investments held in insurance policies amounted to 11.5% of the industry’s total investments. Investments held directly by retirement funds decreased by 2.1% quarter-on- quarter and increased by 9.1% year-on-year to N$184.1 billion during the quarter ended 31 March 2022.The friendly society’s assets increased by 4.2% quarter-on-quarter and by 7.2% year-on-year to N$2.1 million as at 31 March 2022. The quarter-on- quarter increase is attributed to growth in the society. The total industry’s liabilities increased by 47% quarter-on-quarter and by 1.8% year-on-year to N$101 345 as at 31 March 2022.Lastly, the investment managers’ assets under management increased by 1.5% on a quarterly basis and by 8.4% on an annual basis to N$211.0 billion at the end of the first quarter of 2022.-phillep@nmh.com.na

NAMFISA orders N$1.3 million back to consumers

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Republikein 2025-08-29

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NAMFISA orders N$1.3 million back to consumers

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