From January to March 2024, the Namibia Financial Institutions Supervisory Authority (Namfisa) recovered over N$5.8 million.
These funds, which were collected by Namfisa’s complaints resolution interventions, were disbursed to complainants, and is a significant increase from approximately N$2.4 million recovered in the previous quarter
(October to December 2023).
This significant recovery underscores Namfisa’s dedication to fostering a safe, stable and fair financial system contributing to domestic economic development in which consumers are protected.
The latest 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.
Namfisa has demonstrated an unwavering commitment to protecting consumers in the non-bank financial sector. Through rigorous regulatory and supervisory measures, the authority achieved substantial recoveries for consumers, solidifying its role as a guardian of fair financial practices.
“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,” stated Namfisa’s Chief Executive Officer, Kenneth Matomola.
This proactive stance not only addresses individual complaints but also pinpoints broader issues for targeted consumer education and industry supervision. he 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.
“Our ongoing efforts of protecting consumers and guiding industry players towards compliance and best-practices. This dual approach ensures that our financial system remains robust and trustworthy,” Matomola emphasised.
Namfisa has reiterated that it remains steadfast in its quest to safeguard consumers to enhance the overall health of the non-bank financial sectors through diligent oversight and interventions.