The Namibia Financial Institutions Supervisory Authority (NAMFISA) has recovered N$5.9 million for consumers in the non-bank financial sector during the first quarter of 2024, a 142.2% increase from the previous quarter.
NAMFISA’s Chief Executive Officer, Kenneth Matomola, said the authority’s rigorous regulatory efforts have contributed to the significant increase from the N$2.4 million recovered in the previous quarter, showcasing its robust commitment to protecting consumer interests.
“From January to March 2024, NAMFISA’s complaints resolution interventions resulted in N$5.8 million being recovered and disbursed to complainants, a remarkable increase from the N$2.4 million recovered in the previous quarter (October to December 2023),” said Matomola.
“As the primary regulatory body overseeing the non-bank financial sector, NAMFISA upholds its mandate to resolve complaints efficiently while identifying underlying conduct issues and root causes.”
He said the significant recovery underscores NAMFISA’s dedication to having a safe, stable, and fair financial system contributing to the economic development of Namibia in which consumers are protected.
“The Authority’s mission is to regulate and supervise financial institutions and intermediaries to foster a stable and fair non-banking financial sector while promoting consumer protection,” he said.
The CEO said the increase in the recovered amount highlights NAMFISA’s effectiveness in holding financial entities accountable and promoting consumer rights.
“Our ongoing efforts to protect consumers and guide industry players towards compliance and best practices ensure that our financial system remains robust and trustworthy,” Matomola said.
The Namibia Financial Institutions Supervisory Authority (NAMFISA) exists to supervise financial institutions and financial services, and to advise the Minister of Finance on matters relating to financial institutions and financial services.
