NAMFISA orders payment of N$200 million to customers following complaints

The Namibia Financial Institutions Supervisory Authority (NAMFISA) has ordered the payment of N$200 million to customers following complaints.

NAMFISA’s Manager for Corporate Communications and Consumer Education, Victoria Muranda, explained that the regulator received complaints largely attributed to the delays in the non-payment of pension benefit claims, repudiation of funeral claims, long-term and short-term insurance, pension funds, microlending, and credit agreements.

Muranda said an amount of N$2,2 million was paid out during the quarter ended March 31st this year.

She says the highest amount of N$1,4 million was recovered from pension funds, N$742,000 from the long-term insurance industry, and N$62,000 from the short-term insurance industry, while N$10,000 was recovered from the microlending and credit agreement industries.

Muranda highlighted that consumer protection is key to the authority’s operations, and consumers are encouraged to know their rights and responsibilities as users of financial service products.

“NAMFISA has a dedicated Consumer Complaints Department that investigates complaints on behalf of consumers of non-banking financial service products at no cost to the consumer.”

An aggrieved consumer can lodge a complaint against non-bank financial institutions or financial intermediaries registered and doing business in Namibia with NAMFISA.

“When lodging a complaint, ensure that you have a valid complaint by checking with NAMFISA. It is advised to first lodge the complaint in writing with the financial institution concerned.”