Educate consumers about malpractices in the insurance sector.

FROM THE
OFFICE OF THE

CEO

Dear readers,

I would like to take this opportunity to express my sincere appreciation to all the consumers of financial services and products, as well as the whole Nation at large, for taking the time to read and share the ideas and the advice that you pick up in the NAMFISA Consumer Education Bulletin with each other. That is a clear indication that the Consumer Education Bulletin is reaching out and it is making a difference. This is evident in the comments that we receive from you, the readers. We also greatly appreciate your suggestions and advice on how to improve the bulletins to ensure that it covers all the relevant issues which are of concern to you.

Late last year, NAMFISA launched a campaign to inform and educate consumers about malpractices in the insurance sector. This campaign was intended to ensure that entities treat their customers fairly, and that they do not sell products that won’t benefit consumers in any way.

To that end, the Authority has increased its focus on the fair treatment of customers. Moreover, we have a dedicated department that handles consumer complaints and we have made commendable strides thus far. The complaints statistics indicate that consumers are increasingly becoming aware of their rights as well as types of financial products and services that fit their respective circumstances. We encourage consumers not to be despondent but to approach NAMFISA if they encounter challenges with financial institutions that do not adhere to the proper and ethical way of doing business.

NAMFISA is committed to the creation of an environment that promotes the safety and stability of the financial sector and to offer protection to the users of financial products and services. My expectation is that, taken together, all these should result in economic development, protection of consumers of financial services, financial inclusion, orderly and functional financial markets, and prosperity for our people.

For any comments or input, do not hesitate to contact me, and I wish you happy reading.

NAMFISA CEO

Phillip N. Shiimi