CHAMWE KAIRA
The Namibia Financial Institutions Supervisory Authority (Namfisa) resolved 375 of the 403 consumer complaints received during the 2025/26 financial year, securing N$4.4 million in refunds and payouts for 81 complainants.
According to the Authority’s annual report, the resolved complaints represented a 93% resolution rate, with the funds returned to consumers following regulatory interventions against non-bank financial institutions.
Most complaints originated from the insurance sector, covering both long-term and short-term insurance providers.
Other complaints involved microlenders and pension funds, while two complaints related to medical aid and capital markets.
The main issues raised by consumers included delays in pension benefit payments, rejected funeral insurance claims, difficulties cancelling consumer contracts and delays in processing refunds.
Namfisa said its Market Conduct division investigated complaints using risk-based supervisory tools and regulatory interventions to assess whether financial institutions complied with applicable legal requirements.
The investigations covered matters such as loan terms, contract cancellations and insurance policy payouts.
The authority’s interventions resulted in N$4.4 million being returned to 81 complainants during the reporting period.
The 403 complaints recorded during the year reflect disputes between consumers and providers in the non-bank financial sector, including insurance companies, microlenders and pension funds.
Namfisa’s consumer complaints function forms part of its mandate to protect consumers and promote fair conduct in Namibia’s non-bank financial industry.
