Namfisa recovers millions in customers' monies

The Namibia Financial Institutions Supervisory Authority (Namfisa) has demonstrated its unwavering commitment to protecting consumers in the non-bank financial sector, following the disbursement of N$5.8 million paid out to complainants who reported their non-banking financial intermediaries.

"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," said Namfisa's CEO, Kenneth Matomola.

From January to March this year, 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, which was from October to December 2023. This significant recovery underscores Namfisa's dedication to a safe, stable and fair financial system contributing to the economic development of Namibia, in which consumers are protected.



Effective

Matomola added that 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 and promoting consumer rights. By engaging with relevant entities and fostering a culture of compliance and consumer-centric practices, Namfisa contributes to the stability and integrity of Namibia’s financial landscape.

"Our ongoing efforts to protect consumers and guide industry players towards compliance and best practices. This dual approach ensures that our financial system remains robust and trustworthy," he said.