03 Jun 2017 11:10am
WINDHOEK, 01 JUNE (NAMPA) The Namibia Financial Institutions Supervisory Authority (Namfisa) has instructed regulated entities to refund more than N.dollars 50 million (N.dollars 50 503 976, 46) to consumers, following complaints laid against them during the 2016/2017 financial year.
In an exclusive interview with Nampa on Wednesday, Namfisa Chief Executive Officer (CEO) Kenneth Matomola said the nature of complaints received range from non-cancellation of contracts, non-payments of contributions on benefits, refusal of claims, overcharged interest and claim dispute amongst others.
The amount paid by 31 March is a significant increase from the about N.dollars 11 million (N.dollars 11 795 923, 07) paid out in the prior financial year.
Namfisa has handled about 873 complaints from consumers of financial services during the 2016/17 financial year, which is a significant increase compared to 2015/16, when only 739 complaints were handled, said Matomola.
Matomola noted that about 76 per cent of the refund during the 2015/2016 financial year was paid by the insurance sector.
The CEO said the nature of complaints during the 2016/2017 financial year has remained more or less the same compared to the previous one (2016/17), although Namfisa has observed an increase in complaints from the micro lending and credit agreements, and long term insurance sectors.
Namfisa is an independent institution established by Act No. 3 of 2001 to regulate and supervise financial institutions in Namibia.
Matomola thus called on regulated entities to treat consumers fairly and do away with malpractices, stressing the need to follow laws that govern the financial sector.
He also reminded the public that the regulatory authority has a dedicated Complaints Department that investigates concerns on behalf of consumers of financial services and products.
Namfisas complaints handling service is free of charge, which means consumers of financial services can lodge complaints with Namfisa directly and their relevant complaints will be investigated accordingly, Matomola noted.