Namfisa refunds disgruntled customers N$3.8 million
The Namibia Financial Institution Supervisory Authority (Namfisa) repaid disgruntled customers N$3.8 million, owing to concerns raised in the financial non-banking sector.
During the second quarter of last year, between July and September 2023, about N$3.8 million was paid to complaints owing to the authority’s intervention. This represents a significant increase in the total amount paid when compared to the previous quarter for the months of April, May and June where a total amount of N$672 347 was paid.
The highest amount, totalling N$3 million, was recovered 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 fund industry.
“Treating customers fairly is what we should all subscribe to as regulated entities and regulators alike. Hence, both Namfisa and service providers in the non-bank financial sector continuously explore ways to ensure 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 devising an effective and efficient consumer protection and empowerment framework,” Namfisa CEO Kenneth Matomola said.
-OGONE TLHAGE
During the second quarter of last year, between July and September 2023, about N$3.8 million was paid to complaints owing to the authority’s intervention. This represents a significant increase in the total amount paid when compared to the previous quarter for the months of April, May and June where a total amount of N$672 347 was paid.
The highest amount, totalling N$3 million, was recovered 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 fund industry.
“Treating customers fairly is what we should all subscribe to as regulated entities and regulators alike. Hence, both Namfisa and service providers in the non-bank financial sector continuously explore ways to ensure 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 devising an effective and efficient consumer protection and empowerment framework,” Namfisa CEO Kenneth Matomola said.
-OGONE TLHAGE
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