The Namibia Financial Institutions Supervisory Authority (Namfisa) has dedicated October as the Consumer Protection Month each year.
This period aims to increase awareness and educate consumers on their financial rights and obligations.
The Consumer Protection Month provides a unique platform to underscore the vital importance of safeguarding and upholding the rights of all consumers, shielding them from market abuses and educating consumers on their responsibilities when dealing with financial institutions.
However, the significance of the Consumer Protection Month cannot be overstated without acknowledging the important role of the Consumer Credit Bill (CCB).
The CCB seeks to establish fairness, transparency and responsibility within the consumer credit sector, placing consumer protection at the forefront.
The finance and public enterprises ministry tasked Namfisa with the drafting the CCB. Collaborating with key stakeholders, such as the finance ministry, the Bank of Namibia, the Ministry of Industrialisation and Trade, the Financial Literacy Initiative (FLI) and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), this initiative signifies a concerted effort to fortify consumer protection in the realm of financial services.
The proposed Consumer Credit Bill received ministerial endorsement for public consultation, and Namfisa is conducting nationwide consultations. It aims to establish comprehensive regulation and supervision of services provided by credit providers, credit bureaus and debt collectors, ultimately ensuring a more equitable and accountable consumer credit landscape.
Namfisa is celebrating the Consumer Protection Month during the entire month of October. The nationwide Consumer Protection Month Celebration includes shopping malls activations and public entities, educational institutions, as well as government ministries’ workplace forums.
Namfisa CEO Kenneth Matomola said, “Financial decisions impact every aspect of our lives – from savings and investments to loans and credit. As consumers, we have the fundamental right to expect fairness, transparency and ethical conduct”.
“During the Consumer Protection Month, we encourage you to educate and equip yourself with the knowledge needed to make informed financial decisions. Understanding your rights as a consumer is the first step toward financial empowerment, while demanding transparency and insisting on clear and comprehensive information about financial products and services. Always ask questions and seek clarification to ensure you are making the best choices for your financial future,” said Matomola.
He also urged consumers to protect their data by safeguarding their personal and financial information while being vigilant against fraud, identity theft and scams that can compromise their financial security.
The Consumer Protection Month is a reminder that consumers have rights that deserve protection.
“Your financial well-being is an integral part of your life, and it should be treated with the utmost care and respect. Join us this October in celebrating the Consumer Protection Month by taking steps to secure your financial future, advocating for consumer rights and promoting financial literacy within your community,” Namfisa stated.
“Together, we can build a more transparent, fair and secure financial landscape for all,” said Matomola.