Loading svg Please wait while we translate the article
Kenneth Matomola, CEO of NAMFISA. Photo Contributed
Kenneth Matomola, CEO of NAMFISA. Photo Contributed

NAMFISA orders N$1.9 mln back to consumers

Malpractices
The complaints were against the micro-lending and credit agreements, long-term ­insurance, short-term insurance, and retirement fund sectors.
The Namibian Financial Institutions Supervisory Authority (NAMFISA) has ordered N$1.9 million back into consumer pockets as complaints and market conduct malpractices continue to increase.

NAMFISA received various complaints from consumers of financial services during the period October 2021 to December 2021. The complaints were against the micro-lending and credit agreements, long-term insurance, short-term insurance, and retirement fund sectors. Most of the complaints were resolved amicably. The resolution of complaints resulted in consumers receiving a combined total of well over N$1.9 million from Non-Banking Financial Institutions that are regulated by NAMFISA.

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.

“Consumer protection is key to our operations, and therefore I encourage consumers to know their rights and responsibilities as users of financial service products,” says Kenneth Matomola, NAMFISA CEO.

Matomola adds that NAMFISA has a dedicated complaints department that investigates complaints on behalf of consumers of non-bank financial services and products at no cost to the consumer. Generally, complaints include extensions of repayment periods without consumers’ consent, repudiations of ­insurance claims, non-payment of pension benefits, excessive interest charges, illegal deductions and non-­cancellations of contracts, amongst others.

Lodge a complaint

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. Consumers of financial services can verify whether a business or entity is registered with NAMFISA by contacting NAMFISA’s offices or visiting the website.

When lodging a complaint, firstly, consumers should ensure that they have a valid complaint by checking with the NAMFISA Complaints Department on 061 290 5134 or email [email protected].

Secondly, it is advisable to first lodge your complaint in writing with the financial institution concerned.

It is important to keep copies of all relevant documentation to send with the complaint for record purposes and all correspondences between the consumers and financial institution.

In addition to that, consumers are urged not to submit original documents unless required to do so.

Record names, dates, contact details, and valuable information should be provided. This makes the ­investigation easier and faster to ­conclude. When consumers lodge a complaint via telephone, they are urged to always follow up the call with a letter.

Kommentar

Allgemeine Zeitung 2024-11-06

Zu diesem Artikel wurden keine Kommentare hinterlassen

Bitte melden Sie sich an, um einen Kommentar zu hinterlassen

Premier League: Fulham 2 vs 1 Brentford | Manchester United 1 vs 1 Chelsea | Tottenham Hotspur 4 vs 1 Aston Villa Katima Mulilo: 22° | 37° Rundu: 21° | 36° Eenhana: 22° | 36° Oshakati: 22° | 35° Ruacana: 21° | 36° Tsumeb: 21° | 33° Otjiwarongo: 18° | 33° Omaruru: 20° | 36° Windhoek: 19° | 33° Gobabis: 18° | 36° Henties Bay: 14° | 21° Wind speed: 22km/h, Wind direction: W, Low tide: 11:33, High tide: 05:50, Low Tide: 23:58, High tide: 17:56 Swakopmund: 14° | 16° Wind speed: 19km/h, Wind direction: NW, Low tide: 11:31, High tide: 05:48, Low Tide: 23:56, High tide: 17:54 Walvis Bay: 13° | 22° Wind speed: 22km/h, Wind direction: NW, Low tide: 11:31, High tide: 05:47, Low Tide: 23:56, High tide: 17:53 Rehoboth: 18° | 35° Mariental: 19° | 37° Keetmanshoop: 18° | 37° Aranos: 18° | 38° Lüderitz: 13° | 23° Ariamsvlei: 17° | 36° Oranjemund: 14° | 31° Luanda: 25° | 26° Gaborone: 16° | 32° Lubumbashi: 17° | 32° Mbabane: 12° | 18° Maseru: 9° | 29° Antananarivo: 16° | 30° Lilongwe: 25° | 33° Maputo: 19° | 24° Windhoek: 19° | 33° Cape Town: 14° | 26° Durban: 16° | 17° Johannesburg: 15° | 28° Dar es Salaam: 26° | 32° Lusaka: 22° | 33° Harare: 19° | 30° Currency: GBP to NAD 22.75 | EUR to NAD 18.97 | CNY to NAD 2.47 | USD to NAD 17.74 | DZD to NAD 0.13 | AOA to NAD 0.02 | BWP to NAD 1.27 | EGP to NAD 0.35 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.64 | ZWL to NAD 0.04 | BRL to NAD 3.03 | RUB to NAD 0.18 | INR to NAD 0.21 | USD to DZD 133.27 | USD to AOA 909.05 | USD to BWP 13.47 | USD to EGP 49.15 | USD to KES 129.2 | USD to NGN 1664.36 | USD to ZAR 17.75 | USD to ZMW 27.07 | USD to ZWL 321 | Stock Exchange: JSE All Share Index Same 0 | Namibian Stock Exchange (NSX) Overall Index 1878.44 Up +0.10% | Casablanca Stock Exchange (CSE) MASI 14296.93 Down -0.02% | Egyptian Exchange (EGX) 30 Index 30793.94 Up +0.47% | Botswana Stock Exchange (BSE) DCI Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 707.28/OZ DOWN -0.014 | Copper US$ 4.30/lb DOWN -0.0317 | Zinc US$ 3 031.00/T DOWN -3% | Brent Crude Oil US$ 74.84/BBP DOWN -0.0131 | Platinum US$ 980.74/OZ DOWN -0.017 Sport results: Premier League: Fulham 2 vs 1 Brentford | Manchester United 1 vs 1 Chelsea | Tottenham Hotspur 4 vs 1 Aston Villa Weather: Katima Mulilo: 22° | 37° Rundu: 21° | 36° Eenhana: 22° | 36° Oshakati: 22° | 35° Ruacana: 21° | 36° Tsumeb: 21° | 33° Otjiwarongo: 18° | 33° Omaruru: 20° | 36° Windhoek: 19° | 33° Gobabis: 18° | 36° Henties Bay: 14° | 21° Wind speed: 22km/h, Wind direction: W, Low tide: 11:33, High tide: 05:50, Low Tide: 23:58, High tide: 17:56 Swakopmund: 14° | 16° Wind speed: 19km/h, Wind direction: NW, Low tide: 11:31, High tide: 05:48, Low Tide: 23:56, High tide: 17:54 Walvis Bay: 13° | 22° Wind speed: 22km/h, Wind direction: NW, Low tide: 11:31, High tide: 05:47, Low Tide: 23:56, High tide: 17:53 Rehoboth: 18° | 35° Mariental: 19° | 37° Keetmanshoop: 18° | 37° Aranos: 18° | 38° Lüderitz: 13° | 23° Ariamsvlei: 17° | 36° Oranjemund: 14° | 31° Luanda: 25° | 26° Gaborone: 16° | 32° Lubumbashi: 17° | 32° Mbabane: 12° | 18° Maseru: 9° | 29° Antananarivo: 16° | 30° Lilongwe: 25° | 33° Maputo: 19° | 24° Windhoek: 19° | 33° Cape Town: 14° | 26° Durban: 16° | 17° Johannesburg: 15° | 28° Dar es Salaam: 26° | 32° Lusaka: 22° | 33° Harare: 19° | 30° Economic Indicators: Currency: GBP to NAD 22.75 | EUR to NAD 18.97 | CNY to NAD 2.47 | USD to NAD 17.74 | DZD to NAD 0.13 | AOA to NAD 0.02 | BWP to NAD 1.27 | EGP to NAD 0.35 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.64 | ZWL to NAD 0.04 | BRL to NAD 3.03 | RUB to NAD 0.18 | INR to NAD 0.21 | USD to DZD 133.27 | USD to AOA 909.05 | USD to BWP 13.47 | USD to EGP 49.15 | USD to KES 129.2 | USD to NGN 1664.36 | USD to ZAR 17.75 | USD to ZMW 27.07 | USD to ZWL 321 | Stock Exchange: JSE All Share Index Same 0 | Namibian Stock Exchange (NSX) Overall Index 1878.44 Up +0.10% | Casablanca Stock Exchange (CSE) MASI 14296.93 Down -0.02% | Egyptian Exchange (EGX) 30 Index 30793.94 Up +0.47% | Botswana Stock Exchange (BSE) DCI Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 707.28/OZ DOWN -0.014 | Copper US$ 4.30/lb DOWN -0.0317 | Zinc US$ 3 031.00/T DOWN -3% | Brent Crude Oil US$ 74.84/BBP DOWN -0.0131 | Platinum US$ 980.74/OZ DOWN -0.017