Namfisa sounds warning over illegal cash loans

The Namibia Financial Institutions Supervisory Authority (Namfisa) is strongly cautioning the public only to use registered microlenders when accessing short-term credit and related financial services. NAMFISA says engaging with unregistered lenders exposes consumers to unlawful practices, excessive charges, and loss of legal protection.Under the Microlending Act of Namibia, all microlenders are required to be registered and supervised to operate legally. The Act exists to protect consumers by regulating lending practices and ensuring transparency, fairness, and accountability within the microlending sector.What the Microlending Act allows and requiresRegistered microlenders must:&bull; Be formally registered and authorised to operate.&bull; Clearly disclose interest rates, fees, and repayment terms upfront.&bull; Charge interest and fees only within limits prescribed by law.&bull; Treat consumers fairly and refrain from abusive or deceptive practices.&bull; Not retain personal documents, bank cards, or PINs as security.&bull; Provide consumers with proper loan documentation.Any lender operating outside these requirements is acting unlawfully and places consumers at risk.Verify before you borrowConsumers are urged to verify the registration status of any microlender before entering into an agreement. Verification can be done through the Namfisa website, which maintains an up-to-datelist of registered microlenders.Protect yourself&bull; Do not borrow from individuals or entities that cannot prove registration.&bull; Avoid lenders who pressure you into quick decisions or refuse to provide written agreements.&bull; Report suspected illegal microlending activities to the relevant authorities.Victoria Raimond, Namfisa spokesperson, emphasised the importance of consumer vigilance. "We urge all Namibian consumers to verify the registration status of any microlender before engaging their services. Borrowing from unregistered lenders can lead to high costs and limited legal recourse. The Microlending Act is in place to protect consumers and promote responsible lending practices. Always check the Namfisa website for the latest list of registered lenders.” The public is encouraged to remainvigilant and informed to protect themselves from financial exploitation. Responsible borrowing begins with choosing a registered and regulated microlender.Namfisa complaints procedureMembers of the public who have been adversely affected by the conduct of a microlender, or who suspect unlawful lending practices, are encouraged to lodge a complaint through any of the following channels:1. In person: NAMFISA, Lower Ground Floor, 51–55 Werner List Street, Gutenberg Plaza, Windhoek.2. Telephone:General enquiries: 061-290 5000Complaints line (Toll-Free): 0800 290 500 (During Office Hours)3. Email: complaints@namfisa.com.na4. Website: www.namfisa.com.na to submit complaints online or access additional guidance.5. Mail: P.O. Box 21250, Windhoek, Namibia.Namfisa investigates all complaints received and will take appropriate regulatory action where necessary to enforce compliance with the Microlending Act.

Namfisa sounds warning over illegal cash loans

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Republikein 2026-03-10

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Namfisa sounds warning over illegal cash loans

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Republikein 2026-03-10

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