The Namibia Financial Institutions Supervisory Authority (NAMFISA) says it has recovered over N$5.1 million in the past five quarters ending December 2021 from complaints raised by members of the public.
The complaints according to the non-banking financial institutions regulator were against the Micro-lending and Credit Agreements, Long-term Insurance, Short-term Insurance, and Retirement Funds sectors.
“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,” NAMFISA CEO Kenneth Matomola said.
“Consumer protection is key to our operations, and therefore I encourage consumers to know their rights and responsibilities as users of financial service products.”
Matomola said the regulator has a dedicated Complaints Department which investigates complaints on behalf of consumers of non-bank financial services and products at no cost to the consumer.
“An 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 exercises 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,” he said.
