NAMFISA received 213 complaints from consumers of financial services during the quarter ended … and this signifies an increase of 34 percent in comparison to the previous quarter while this is a reduction of 18.4 percent on annual basis.
Of all the complaints received, 98.6 percent mainly originated from micro-lending and credit agreements, long-term insurance, short-term insurance, and the retirement funds sectors. About 77 percent of the total complaints received were resolved amicably.
The resolution of complaints resulted in consumers receiving well over N$1,8 million from Non-Banking Financial Institutions
(NBFI). Retirement funds, short-term insurance, and long-term insurance sectors accounted for about 97 percent 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.
As per its vision, NAMFISA continues to ensure that consumers are protected.
NAMFISA has a dedicated Complaints Department that investigates complaints on behalf of consumers of non-bank financial services and products at no cost to the customers. Generally, complaints range from extensions of repayment periods without consumers’ consents, repudiations of insurance claims, non-payment of pension benefits, excessive interest charges,
illegal deductions and non-cancellations of contracts.
If a consumer feels aggrieved, he/she can launch complaint about a 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.
Below are the steps to follow when launching a complaint with NAMFISA:
• Ensure that you have a valid complaint by checking with the NAMFISA Complaints Department on 061 290 5134 or emailing firstname.lastname@example.org .
• You will be required to first launch your complaint in writing with the financial institution concerned. If the complaint is not resolved, you can then contact NAMFISA.
• Keep copies of all relevant documentation to send with the complaint and for record purposes.
• Keep copies of all correspondences between you and the financial institution. Do not send original documents unless you are required to do so.
• Record names, dates, contact details, and important information. This makes the investigation easier and faster to conclude.
• If you launch your complaint via telephone, always follow up the call with a letter.
Stay calm even if they (financial institution) are displeased.
Back up your claim in writing as far as possible.
Complaints can be submitted to:
▪ In-person (51 -55 Werner List Street, Gutenberg Plaza, Lower Ground Floor)
▪ Telephonically 061-290 5134 or 290 5000
▪ By letter/statement or by filling a complaints form, which can then be faxed to 061- 290 5161 or posted (P O Box 21250, WHK)
▪ Toll-free number 0800290500
▪ Online; www.namfisa.com.na or via email at email@example.com