The Namibia Financial Institutions Supervisory Authority (Namfisa) has recovered N$5,8 million that was wrongfully charged to consumers in the non-banking financial sector.
The authority recovered the money from January to March, which has been paid back to consumers.
The non-banking financial sector is made up of microlenders, insurance companies, venture capitalists and currency exchanges.
“Namfisa is committed to resolving complaints efficiently and identifying underlying issues. Our mission is to regulate and supervise financial institutions to foster a stable and fair non-banking financial sector while promoting consumer protection,” says Namfisa chief executive Kenneth Matomola.
According to Matomola, the recovery comes from complaint resolution efforts made by the institution and is a significant increase from the previous quarter.
“From January to March 2024, Namfisa’s complaints resolution interventions resulted in over 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),” says Matomola.
According to Matomola, 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.
“These figures highlight Namfisa’s effectiveness in holding financial entities accountable. We are committed to protecting consumers and guiding industry players towards compliance and best practices,” Matomola adds.
– Email: shania@namibian.com.naTwitter: @ShaniaLazarus
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