Namfisa secures N$1.7 million as consumers complaints mount

The Namibian Financial Institutions Supervisory Authority (Namfisa) has ordered financial institutions to return more than N$1.7 million to consumers, highlighting persistent service failures from some non-banking players. Between January and March 2026, Namfisa intervened in dozens of complaints lodged by consumers against insurers, pension funds, microlenders and credit providers, resulting in N$1 731 404 being paid back to aggrieved clients.

The amount recovered represents a slight increase from the N$1 723 918 secured during the previous quarter, underscoring what appears to be an ongoing pattern of disputes between consumers and financial service providers.

Namfisa Chief Executive Officer Kenneth Matomola said consumer protection remains at the core of the regulator’s mandate. “Consumer protection remains central to our mandate, and we continue to encourage consumers to assert their rights and make use of the complaints mechanisms available to them,” he said.