The Namibia Financial Institutions Supervisory Authority (Namfisa) received 213 complaints from consumers of financial services during the quarter that ended 30 September 2021, an increase of 34 percent when compared to the previous quarter.

In a media statement on Friday, Namfisa said out of the total complaints received, 98.6 per cent originated from micro-lending and credit agreements, long-term insurance, and the short-term insurance and retirement fund sectors.

It said 77 per cent of the total complaints received were resolved amicably, noting that the resolution of complaints resulted in consumers receiving well over N.dollars 1.8 million from Non-Banking Financial Institutions (NBFI). Retirement funds, short-term insurance, and long-term insurance sectors accounted for about 97 per cent of that total amount.

“The complaints were broadly related to wrongful deductions, non-payment of motor vehicle claims, unpaid pension benefits, non-payment of beneficiary benefits, and non-payment of funeral benefits,” said the statement.

Namfisa urged consumers who feel aggrieved to lodge a complaint about non-bank financial institutions registered and doing business in Namibia with Namfisa.

“It is important to note that Namfisa only has jurisdiction over institutions registered with it and doing business in Namibia. It is therefore important to ensure that you only do business with registered entities. You can contact Namfisa or visit our website with the details of the business to find out whether it is registered or not,” it added.

Source: The Namibian Press Agency