Namfisa resolves over 80 per cent of consumer complaints

13 Feb 2019 20:50pm
WINDHOEK, 13 FEB (NAMPA) – The Namibia Financial Institutions Supervisory Authority (Namfisa) resolved 83.7 per cent of the 264 complaints received from consumers of financial services during the second quarter of 2018.
This was contained in the authority’s Quarterly Statistical Report for the second quarter of 2018, issued here Wednesday.
It indicated that 97.7 per cent of these complaints jointly originated from four industries - micro-lending and credit agreements, long-term insurance, short-term insurance and retirement funds.
The resolution of these complaints, it stated, resulted in consumers of financial services receiving N.dollars 1.4 million from financial institutions, with N.dollars 1.3 million from short-term insurance, retirement funds and long-term industry, paid back to consumers.
According to the report, the payments broadly related to wrongful deductions, repudiation of claims, unpaid pension benefits, non-payment of beneficiary benefits, illegal deductions and non-cancellation of contracts.