WINDHOEK: During a Southern Africa workshop focused on consumer protection and e-commerce, Trade and Industrialisation Deputy Minister Verna Sinimbo urged Namibians to transition from being mere consumers to active producers within the digital economy.

According to NAMPA, the rapid evolution of financial services is accompanied by an increasing array of new technology, unconventional providers, and innovative blends of financial and non-financial services. She highlighted that while these advancements can foster financial inclusion, particularly for women, low-income, and vulnerable consumers, they also introduce heightened risks. Over the past few years, incidents of data misuse, fraud, and other digital finance consumer risks have escalated in several markets.

Sinimbo pointed out that the Covid-19 pandemic has further intensified these risks, with economically challenged groups being more susceptible. She underscored the importance of consumer protection as a fundamental regulatory prerequisite for digital financial inclusion. Enhancing consumer trust and encouraging the use of formal financial services necessitate the protection of Namibian consumers, she stated.

Financial regulators and supervisors have been implementing consumer protection regulatory and supervisory measures. Additionally, various global and national industry associations have formulated codes of conduct. However, as innovation continues to shape the financial landscape, fraudulent actors are also adapting and innovating. Sinimbo concluded by emphasizing the imperative for consumers to remain vigilant to avoid falling prey to scams.