NAMFISA embraces consumer protection month

The Namibia Financial Institutions Supervisory Authority (NAMFISA) dedicates October as Consumer Protection Month each year. This period aims to increase awareness and educate consumers on their financial rights and obligations. Consumer Protection Month provides a unique platform to underscore the vital importance of safeguarding and upholding the rights of all consumers, shielding them from market abuses, and educating consumers on their responsibilities when dealing with financial institutions. However, the significance of Consumer Protection Month cannot be overstated without acknowledging the important role of the Consumer Credit Bill (CCB). The CCB seeks to establish fairness, transparency, and responsibility within the consumer credit sector, placing consumer protection at the forefront.

The Ministry of Finance and Public Enterprises tasked NAMFISA with the drafting the Consumer Credit Bill. Collaborating with key stakeholders such as the Ministry of Finance and Public Enterprises, the Bank of Namibia, the Ministry of Industrialisation and Trade, the Financial Literacy Initiative (FLI), and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), this initiative signifies a concerted effort to fortify consumer protection in the realm of financial services.

The proposed Consumer Credit Bill has received Ministerial endorsement for public consultation and NAMFISA is busy with nationwide consultations. 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.

NAMFISA therefore hereby gives a notice that it intends to celebrate the Consumer Protection Month from the 1 st of October 2023 to the 31st of October 2023. The nationwide Consumer Protection Month Celebration will include shopping malls activations and public entities, educational institutions, and government ministries' workplace forums.

Decisions

NAMFISA CEO Kenneth Matomola says, financial decisions impact every aspect of our lives, from savings and investments to loans and credit. As consumers, we have the fundamental right to expect fairness, transparency, and ethical conduct.

“During the 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, while demanding transparency and insisting on clear and comprehensive information about financial products and services. Always ask questions and seek clarification to ensure that you are making the best choices for your financial future,” Matomola.

Matomola urges consumers to protect their data by safeguarding their personal and financial information while being vigilant against fraud, identity theft, and scams that can compromise their financial security.

The Consumer Protection Month is a reminder that you, as a consumer, have rights that deserve protection. Your financial well-being is an integral part of your life, and it should be treated with the utmost care and respect. Join us this October in celebrating Consumer Protection Month by taking steps to secure your financial future, advocating for consumer rights, and promoting financial literacy within your community. “Together, we can build a more transparent, fair, and secure financial landscape for all,” says Matomola.

NAMFISA strongly encourages consumers to regularly visit the NAMFISA website and official social media channels for accurate, dependable, and informative content.