The industrialisation and trade ministry is in the process of developing consumer protection legislation to safeguard consumers from unfair, deceptive, and fraudulent business practices. In alliance with the United States Federal Trade Commission (USFTC), the ministry is hosting the workshop starting today, at Hilton Hotel in the capital.
The USFTC is mandated to facilitate and strengthen stakeholder engagements, dialogue and cooperation. The seminar, scheduled to end on Friday, is expected to host more than 50 participants and officials from neighbouring Botswana, Zambia and South Africa to provide an overview of the background and current legal framework for consumer protection within the SADC region.
The scheduled workshop is themed “Consumer Protection and E-commerce” and seeks to demystify the development of the consumer protection legislation in relation to the current framework for consumer protection in Namibia & prospects for reform; emerging consumer protection trends in Southern Africa and the future of reform of consumer protection laws in Namibia.
Meanwhile, last week, the Namibia Financial Institutions Supervisory Authority (Namfisa) hosted a public consultation meeting to address and discuss the legislative challenges posed by the Consumer Credit Bill (CCB).
The Bill intends to create fair and transparent rules within the consumer credit market in the country. The Bill will repeal the Usury Act of 1968, the Credit Agreements Act of 1980, and the Microlending Act of 2018.
“Consumer protection is paramount in our deliberations. It underpins the very essence of the Consumer Credit Bill. We must remember that this Bill when enacted will be a powerful tool that can either help individuals realise their dreams or push them into financial hardship. The regulations we put in place must provide a robust safety net, ensuring fairness, transparency, and accountability,” said Namfisa deputy chief executive of market conduct and operations Johannes Smit.
He added the Bill intends to protect consumers’ interests, promote responsible lending, and provide avenues for recourse in dispute cases.