Martin Endjala
The Namibia Financial Institutions Supervisory Authority (Namfisa) has dedicated October to consumer protection to raise public awareness about financial rights and obligations.
Namfisa’s chief executive officer, Kenneth Matomola, on Wednesday, emphasised the importance of educating consumers on protecting themselves from market misconduct and making informed financial decisions.
“This initiative provides a valuable platform to highlight the critical importance of protecting and upholding consumer rights, shielding them from market misconduct, and ensuring they are informed about their responsibilities when engaging with financial institutions,” explained Matomola.
Despite the country lacking a formal Consumer Protection Bill, consultations are ongoing, led by the Ministry of Industrialisation and Trade (MIT).
Matomola said the month-long nationwide Consumer Protection Month celebration initiative will include events like shopping mall activations and workplace forums to enhance financial literacy.
“During the consumer protection month, we encourage consumers to educate and equip themselves with the knowledge needed to make informed financial decisions. Understanding your rights as a consumer is the first step toward financial empowerment,” encouraged Matomola.
He said consumers must demand transparency and insist on clear and comprehensive information about financial products and services.
Matomola further urged 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.
According to MIT’s chief information officer, Elijah Mukobonda, the ministry is working in tandem with both the private and public sectors on programmes geared towards the realisation of the national socio-economic development goals of the country.
The programme aimed at addressing essential objectives such as high and sustained economic growth, employment creation, and increased income equality.
“The MIT is in the process of finalising the Consumer Protection Bill and to this end, stakeholders have been consulted to provide input,” he said.
The general public can still provide comments and input on the Consumer Protection Bill and must do so before the deadline on 25 October.
The appointed drafting committee is composed of officials from the industrialisation ministry, the justice ministry, the Communications Regulations Authority of Namibia (CRAN), the attorney general’s office, and Namfisa.
