NAMFISA recovers over N$5.8 million in consumer complaint resolutions
The Namibia Financial Institutions Supervisory Authority (NAMFISA) complaints resolution interventions from January to March this year resulted in over N$5.8 million being recovered and disbursed to complainants, a remarkable increase from the N$2,431,757 recovered in the previous quarter.
This significant recovery underscores NAMFISA’s dedication to have a safe, stable and fair financial system contributing to the economic development of Namibia in which consumers are protected, said NAMFISA’s Chief Executive Kenneth S. Matomola in a statement this week.
“These figures highlight NAMFISA’s effectiveness in holding financial entities accountable and promoting consumer rights. By engaging with relevant entities and fostering a culture of compliance and consumer-centric practices, NAMFISA contributes to the stability and integrity of Namibia’s financial landscape,” he said.
According to Matomola their ongoing efforts of protecting consumers and guide industry players towards compliance and best practices.
“As the primary regulatory body overseeing the non-bank financial sector, NAMFISA upholds its mandate to resolve complaints efficiently while identifying underlying conduct issues and root causes,” he said.
Meanwhile Matomola said the Authority’s mission is to regulate and supervise financial institutions and intermediaries to foster a stable and fair non-banking financial sector while promoting consumer protection.
