Namfisa observing consumer protection month in October

The Namibia Financial Institutions Supervisory Authority (Namfisa) is observing its annual Consumer Protection Month from 01-31 October 2023.

In a statement issued Tuesday, Namfisa’s Manager of Corporate Communications and Consumer Education, Victoria Muranda said the nationwide consumer protection month celebration will include shopping mall activations and public entities, educational institutions, and Government ministries’ workplace forums.

‘During Consumer Protection Month, we encourage you to educate and equip yourself with the knowledge needed to make informed financial decisions. Understanding your rights as a consumer is the first step toward financial empowerment, and demanding transparency and insisting on clear and comprehensive information about financial products and services,’ Namfisa CEO, Kenneth Matomola said in the statement.

The CEO noted that financial decisions impact every aspect of people’s lives, from savings and investments to loans and credit.

‘As consumers, we have the funda
mental right to expect fairness, transparency, and ethical conduct,’ he said.

Furthermore, the Ministry of Finance and Public Enterprises tasked Namfisa with the drafting of the Consumer Credit Bill. Collaborating with key stakeholders such as the Ministry of Finance and Public Enterprises, Bank of Namibia, Ministry of Industrialisation and Trade, Financial Literacy Initiative, and the Deutsche Gesellschaft fr Internationale Zusammenarbeit, this initiative signifies a concerted effort to fortify consumer protection in the realm of financial services, Muranda said.

‘The proposed Consumer Credit Bill has received ministerial endorsement for public consultation and Namfisa is busy with nationwide consultation. It aims to establish comprehensive regulation and supervision of services provided by credit providers, credit bureaus, and debt collectors, ultimately ensuring a more equitable and accountable consumer credit landscape,’ the statement read.

Source: Namibia Press Agency