Prime Minister Saara Kuugongelwa-Amadhila has implored financial and insurance companies to be transparent and truthful with their clients.
She called for the training of the public on financial literacy so that they can make informed decisions, which would also minimise misunderstandings.
“The customer or consumer of the services should be at the centre of the sector efforts. For that reason, the government places high on its agenda the protection of the consumers. Be open with your customers on the available products to assist them in making beneficial choices. Ensure fairness in dealing with consumers, offer quality products at fair prices and live up to your contractual obligations,” said Kuugongelwa-Amadhila.
“Often, clients approach political heads for recourse because companies push them from pillar to post without resolving their issues. Therefore, as financial and insurance companies strive to do better.”
The Prime Minister commended Namibia Reinsurance for organising the Financial and Insurance Summit, which is going under the theme: ‘Sustainable Finance and Responsible Insurance: Women Pioneering Environmental, Social and Governance (ESG) Practices’.
She said ESG principles are not just buzzwords. They are essential components for responsible and forward-thinking business and corporate practices. She added that these principles should guide every decision as they have a bearing on the nation’s future.
“Financial mediation is important for national development. Effective mobilisation of savings and their optimal allocation to investments is important for economic growth and development,” she said.
She said there is a need for an efficient and robust financial system for the economy to function effectively and grow. This, she said, will result in employment creation.
She implored the financial sector to use information technology to ensure wider reach, as people are sparse, thus leaving some unserved.
Concerning female representation in the financial sector, Kuugongelwa-Amadhila said the tables have turned as more women are taking charge. She reiterated the government’s stance on promoting gender equality.
“The government is committed to addressing gender imbalances, breaking down barriers, and creating an inclusive and equitable environment for Namibian women and girls to teach their potential alongside their male counterparts. Globally, Namibia is renowned for progress in gender parity in the public sector, a trend that we must all proudly maintain and extend to all human endeavours,” she said.
She added that there is a need to uphold ESG because it can affect the country negatively. Hence, promoting financial sustainability is very important.
“As you are aware, our country is disproportionately adversely affected by climate change. In recent years, Namibia has experienced frequent and severe droughts and flooding due to climate change.”
“Therefore, we cannot turn a blind eye to the threat of climate change to the financial sector. Climate change causes structural change in the economy and financial system. The role of this sector in supporting the transformation of our economy will continue to be important,” said Kuugongelwa-Amadhila.