Windhoek:The Namibia Financial Institutions Supervisory Authority (NAMFISA) has initiated Consumer Protection Month, aiming to educate consumers about their financial rights, safeguard against scams, and encourage informed financial decision-making.
According to Namibia Press Agency, the campaign, observed throughout October with the theme 'Know Your Rights, Secure Your Future', emphasizes consumer education, fraud prevention, and responsible financial choices. NAMFISA Consumer Education Specialist, Junias Erasmus, highlighted the importance of understanding financial agreements before committing money, advising consumers not to feel pressured into signing agreements without comprehending the associated terms, costs, and risks.
NAMFISA advised consumers to read contracts carefully, verify information before making payments, and safeguard their personal and financial information, especially when using digital financial services. The authority also warned against signing blank documents, surrendering bank cards, or sharing personal identification numbers. Retirement fund members were urged to ensure their contributions are being deposited into their respective funds.
As part of the campaign, NAMFISA is conducting community outreach activities, educational sessions, and public awareness engagements across Namibia. These efforts include participation in the Windhoek Industrial and Agricultural Show and outreach programs in the Otjozondjupa Region, covering areas such as Otjiwarongo, Okakarara, Okatoruu, Okamatapati, and Okondjatu. The focus of these activities is on consumer rights, complaint procedures, fraud prevention, responsible borrowing, and financial planning.
Consumer Protection Month coincides with World Investor Week, running from October 5 to 11, promoting the message 'Invest in Your Future. Protect It Today'. Erasmus cautioned consumers to be wary of investment offers advertised on social media and messaging platforms, especially those promising unusually high returns. He advised verifying the registration and licensing of financial institutions or intermediaries with the relevant regulator before investing.
Consumers facing issues with regulated non-bank financial services can contact NAMFISA for assistance or to lodge complaints through its toll-free number, 0800 290 500, available during office hours. NAMFISA oversees Namibia's non-bank financial sector, including pension funds, insurance, microlending, and medical aid funds.