NAMFISA’s complaints resolution strategy results in over N$3.8 million restored to consumers
Namibia Financial Services Supervisory Authority (NAMFISA)’s complaints resolution mechanism has played a pivotal role in addressing consumer grievances.
These complaints predominantly revolve around disputes concerning payment correctness by regulated entities, overcharged interest, non-payment of pension benefits, repudiated funeral benefits, and policy refunds or lapsed policies. NAMFISA is dedicated to promptly and impartially addressing these concerns, actively collaborating with stakeholders to find equitable solutions.
Recent data reveals the significant strides made by NAMFISA in resolving consumer issues. Over the last five quarters, a total of N$3,848,008 has been reimbursed to consumers, showcasing a consistent effort to rectify financial discrepancies.
The most recent figures from the period between July and September 2023 demonstrate a remarkable leap in restitution, with N$3.8 million reimbursed to complainants owing to NAMFISA’s intervention.
Comparatively, the preceding quarter (April-June 2023) witnessed a total reimbursement of N$672,347. The recovered amounts were primarily from the Pension Funds industry, totaling N$3,160,857, 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 Chief Executive emphasized the importance of fairness towards customers in both regulated entities and regulators.
He highlighted ongoing efforts to enhance consumer awareness and education, aiming to rebuild trust and confidence in the financial sector through an effective consumer protection and empowerment framework.
Matomola underscored NAMFISA’s Consumer Complaints Department, extending an invitation for complaints against registered non-bank financial institutions or intermediaries. The department conducts thorough investigations to ensure a fair resolution of disputes, providing accessible avenues for complaint submissions.
Matomola extended gratitude to those providing feedback, assuring continued efforts to address concerns and regulate the non-bank financial industry effectively.
