Ongwediva: The Namibia Financial Institutions Supervisory Authority (Namfisa) has cautioned the public against unregistered micro-lenders who continue to engage in illegal practices such as confiscating clients’ identity documents.

According to Namibia Press Agency, Junias Erasmus, Consumer Education Specialist at Namfisa, revealed that the institution has received several complaints from consumers who visited its stall at the Ongwediva Annual Trade Fair. “The major concern relates to unregistered lenders taking personal documents such as national identity cards, drivers’ licences and bank PIN numbers, a practice strictly prohibited under the Micro-lending Act of Namibia,” Erasmus stated.

Erasmus emphasized that no micro-lender legally registered with Namfisa is permitted to take personal documents from clients. He noted, “Unfortunately, most of these cases are traced back to unregistered lenders operating outside the law,” urging the public to report these violations so that corrective measures can be taken.

He also highlighted the significance of consumer education, describing the trade fair as an ideal venue to raise awareness. Through these interactions, Namfisa is educating people about their financial rights and responsibilities while offering guidance on how to manage grievances, Erasmus explained.