Empowering Consumers Through Financial Awareness
As we are all aware, His Excellency Dr Hage Geingob, President of the Republic of Namibia, has unveiled the Harambee Prosperity Plan (HPP).
The HPP provides an opportunity for every Namibian to rally towards a common goal, which is to achieve prosperity within a given timeframe.
In the true Harambee spirit, I am equally excited to share with consumers of financial services, particularly in the sector regulated by NAMFISA, the developments thus far.
Over the past years, NAMFISA has been engaged in the transformation of the financial sector.
The transformation initiatives include, amongst others, dealing with illegal, unregulated and unethical practices by financial service providers and revamping the laws that govern the provision of financial products and services.
One of the pillars of the financial laws is to foster consumer protection and awareness.
By creating awareness and educating the consumers of financial services, NAMFISA is empowering consumers to know their rights and obligations.
Consequently, Namibians will be empowered to make informed decisions and enjoy the best possible legal protection from rogue service providers.
We are committed to ensuring that consumers have access to information and available remedial avenues whilst using any financial service.
Nobody should feel left out because of lack of information and awareness in this regard.
NAMFISA has been working on the following pieces of legislation:
— The NAMFISA Bill
— Financial Institutions and Markets Bill
— Financial Services Adjudicator Bill
— Microlending Bill
These important pieces of legislation promote financial stability, consumer protection, the reduction and deterrence of financial crimes, and the highest standard of business deportment required from all financial service providers.
The Financial Services Adjudicator Bill, in particular, aims to provide a mechanism for users of financial services to have their complaints resolved free-of-charge.
I therefore encourage the esteemed consumers of financial services and products to take keen interest in and familiarise yourselves with all of these Bills.
You are welcome to engage with NAMFISA for further details and dialogue.
I encourage consumers of financial services and products to continue to lodge their complaints, at no cost, regarding any non-banking financial service provider.
You have the right to be heard.
In conclusion, I leave you with a quote from Kofi A. Annan of Ghana, the seventh Secretary-General of the United Nations who said:
Kenneth S. Matomola, Acting CEO
From the Office of the CEO
The HPP provides an opportunity for every Namibian to rally towards a common goal, which is to achieve prosperity within a given timeframe.
In the true Harambee spirit, I am equally excited to share with consumers of financial services, particularly in the sector regulated by NAMFISA, the developments thus far.
Over the past years, NAMFISA has been engaged in the transformation of the financial sector.
The transformation initiatives include, amongst others, dealing with illegal, unregulated and unethical practices by financial service providers and revamping the laws that govern the provision of financial products and services.
One of the pillars of the financial laws is to foster consumer protection and awareness.
By creating awareness and educating the consumers of financial services, NAMFISA is empowering consumers to know their rights and obligations.
Consequently, Namibians will be empowered to make informed decisions and enjoy the best possible legal protection from rogue service providers.
We are committed to ensuring that consumers have access to information and available remedial avenues whilst using any financial service.
Nobody should feel left out because of lack of information and awareness in this regard.
NAMFISA has been working on the following pieces of legislation:
— The NAMFISA Bill
— Financial Institutions and Markets Bill
— Financial Services Adjudicator Bill
— Microlending Bill
These important pieces of legislation promote financial stability, consumer protection, the reduction and deterrence of financial crimes, and the highest standard of business deportment required from all financial service providers.
The Financial Services Adjudicator Bill, in particular, aims to provide a mechanism for users of financial services to have their complaints resolved free-of-charge.
I therefore encourage the esteemed consumers of financial services and products to take keen interest in and familiarise yourselves with all of these Bills.
You are welcome to engage with NAMFISA for further details and dialogue.
I encourage consumers of financial services and products to continue to lodge their complaints, at no cost, regarding any non-banking financial service provider.
You have the right to be heard.
In conclusion, I leave you with a quote from Kofi A. Annan of Ghana, the seventh Secretary-General of the United Nations who said:
“Knowledge is power; information is liberating; and education is the premise of progress, in every society, in every family.”
“We are committed to ensuring that consumers have access to information and available remedial avenues whilst using any financial service. Nobody should feel left out because of lack of information and awareness in this regard.”
Kenneth S. Matomola, Acting CEO
From the Office of the CEO
“Knowledge is power; information is liberating; and education is the premise of progress, in every society, in every family.”