NAMFISA Refunds Consumers with More than N$3.8 Million – Windhoek Observer

Martin Ednjala

Between July and September 2023, the Namibia Financial Services Supervisory Authority (NAMFISA) ensured that approximately N$3,848,008 million was refunded to complainants through its Complaints Resolution Strategy.

This figure represents a significant increase compared to the previous quarter, from April to June 2023, when a total of N$672,347 was refunded to complainants.

The highest amount recovered, totalling N$3,160,857, came from the Pension Fund industry, followed by N$392,340 from the Short-term insurance industry, N$250,749 from the long-term insurance industry, N$41,295 from the Microlending industry, and N$2,767 from the Medical Aid Funds industry.

Kenneth Matomola, NAMFISA’s Chief Executive Officer, stated that the entity maintains a Consumer Complaints Department that investigates complaints from consumers of non-bank financial services at no cost.

He also added that complaints can be filed against any registered non-banking financial institution or financial intermediary in Namibia. NAMFISA then conducts a thorough investigation to ensure a fair resolution of the dispute.

“Treating customers fairly is a principle that all regulated entities and regulators should uphold. Therefore, both NAMFISA and service providers in the non-bank financial sector continuously explore ways to raise consumer awareness and education for the benefit of stakeholders in the financial sector. It is important for us to rebuild consumer trust and confidence in the financial sector by creating an effective and efficient consumer protection and empowerment framework,” he said.

NAMFISA’s complaints resolution mechanism revealed that consumers of financial services primarily complained about disputes over the correctness of amounts paid by regulated entities, overcharged interest, non-payment of pension benefits, repudiation of funeral benefits, and non-payment of refunds or lapsed policies.

Matomola emphasized that NAMFISA takes these complaints seriously and strives to ensure that all matters are addressed fairly and promptly, reiterating NAMFISA’s commitment to working with all stakeholders to find mutually beneficial solutions to any lodged complaint.