Microlending

About

  • We promote a safe and stable environment for consumers and ensure the promotion of fair treatment and protection of consumers and thereby building trust and confidence within the microlending industry.

What We Do

Application Process
Streamlined compliance for success
Title
Draft – Consumer Credit Bill
January 23, 2023 1.92 MB
Microlending – Act 7 of 2018
October 22, 2019 330.37 KB
Usury Amendment – Act 6 of 2018
July 31, 2018 212.75 KB
Usury – Act 73 of 1968
March 28, 2017 239.16 KB
    Title
    ML.S.6
    July 17, 2023 204.63 KB
    ML.S.3, ML.S.4 and ML.S.5
    February 25, 2020 357.04 KB
    ML.S.1 and ML.S.2
    September 12, 2019 358.38 KB
      Title
      Amendment of Regulations Relating to Penalties Payable for Non-compliance with Microlending – Act 2018
      October 14, 2022 330.74 KB
      Regulations relating to Penalties Payable for Non-compliance with Microlending – Act 2018
      December 23, 2020 196.94 KB
      Regulations Relating to Maximum Penalty Interest Chargeable by Microlenders
      October 15, 2018 192.45 KB
        Title
        Circular – Complaints Handling Procedure 1
        December 20, 2023 261.33 KB
        Directive – Conflict of Interest 1
        July 10, 2023 245.56 KB
        Directive – Interpretation of Principal Debt and Finance Charges
        March 8, 2021 619.92 KB
        Circular – Penalty Regulations
        January 22, 2021 491.44 KB
        Circular – MLR 1 Return
        November 5, 2020 205.94 KB
        Circular – Standards Issued under the Microlending Act
        November 22, 2018 273.60 KB
        Circular – Submission of Quarterly Financial and Statistical Returns and Levy Payments
        February 9, 2018 1.48 MB
          Title
          Cautionary Notice Regarding (Quick Bucks Investments CC and Stellar Group Pty Ltd)
          May 22, 2024 166.33 KB
            Title

              Frequently Asked Questions

              Find answers to your most common queries
              TOPIC: Submission Of Periodical Returns, Statements And Reports To NAMFISA
              • All registered microlenders are required by law1 to submit the following Returns to NAMFISA on a periodic basis:

                1. MLR-1 Return (Certificate of Compliance) accompanied by Annual Financial Statements
                2. MLR-2 Return/COA Quarterly Return
                3. 1st Provisional Levy Return
                4. 2nd Provisional Levy Return
                5. Final Levy Return

                For queries relating to the MLR-1 and MLR-2/ COA Quarterly Returns, kindly contact the NAMFISA Conduct and Compliance Department at cc@namfisa.com.na or at 061 290 5000.

                For queries relating to any Levy Return, kindly contact the NAMFISA Finance Department at finance@namfisa.com.na or at 061 290 5000.

                It is the microlender’s responsibility to ensure that all the information submitted to NAMFISA is accurate and reliable.

              • The MLR-1 Return, also known as the Certificate of Compliance is a declaration form that microlenders are required to complete and submit to NAMFISA on an annual basis. The Return requires any key responsible person to declare whether the microlender is compliant with all the provisions of the Microlending Act during the specified reporting period.

                Should a microlender not be compliant with any provision of the Microlending Act, the microlender is required to disclose the non-compliance and the steps taken by the microlender to rectify the non-compliance and to ensure on-going compliance.

              • The MLR-1 Return (Certificate of Compliance) should be submitted on an annual basis, within six (6) months after the microlender’s financial year end e.g., if the microlender’s financial year ends on 31 December 2022, the MLR-1 Return must be submitted by 30 June 2023.

              • The MLR-1 Return (Certificate of Compliance) should be accompanied by the following financial statements as dependent on the microlender’s legal form:


                Type of Entity Document
                 Company or Trust  Signed Audited Annual Financial Statements
                 Other Corporate Entities (e.g., Close Corporation)  Financial Statements certified by an accounting officer and member(s)/ owners(s)
                 Sole Proprietors and Partnerships  Signed Unaudited Financial Statements
              • The MLR-1 Return (Certificate of Compliance) should be submitted electronically on the NAMFISA ERS (i.e., NAMFISA Online Portal). The system will automatically create the Return for the microlender’s completion the day after the microlender’s financial year end. The Principal Officer should receive an email once the Return has been created. The Return’s due date will be indicated on the Return and in the email.

                To access and submit the MLR-1 Return, follow the steps below:

                1. Log into your entity profile on NAMFISA Online at https://ers.namfisa.com.na/NAMFISAOnline/.
                  NAMFISA Online Homepage
                2. Go to the “Menu” tab in the top left corner and select “Forms”. Under “Draft Forms”, you will find a table listing all the Forms / Returns that have been created for your microlending business but have not been submitted yet. Select the relevant form e.g., “MLR-1 Return 2022”..
                  NAMFISA Online Homepage
                  NAMFISA Online Homepage
                  Previous submissions of Returns may be viewed under “View Submissions”.
                3. Select the “Edit” option to make changes to the Return.
                  NAMFISA Online Homepage
                4. The microlender’s key responsible person should complete the details required in the Return. All areas marked with a red asterisk (i.e., a red star *) are compulsory; they must be completed in order to submit the Return.
                  NAMFISA Online Homepage
                5. After completing all the sections, the key responsible person should print and sign the full Declaration Form. A copy of the signed Declaration Form should be submitted as an attachment under “Declaration Attachment”.
                  NAMFISA Online Homepage
                6. Attach the relevant Signed Annual Financial Statements in line with the microlender’s legal form e.g., if the microlender is a close corporation, the key responsible person should attach the Annual Financial Statements certified by an accounting officer and member(s)/ owners(s).
                7. At the bottom of the Return, there are two options – “Save Draft” or “Validate & Save”.
                  If you would like to exit the form and return at a later stage, you can choose to save a draft.
                  NAMFISA Online Homepage
                8. Once all the documents have been completed, select the “Validate and Save” option. If you have successfully completed and validated all the sections, a submission button will appear at the top of the form. Once submitted, the Form Status will read as “Pending Approval” and the Principal Officer should receive an email notification from NAMFISA Online informing them that the Return has been submitted successfully.
              • NAMFISA’s online portal (i.e., ERS) does enable creation of another MLR-1 return while there is an existing similar return i.e., MLR-1 return on the microlender’s profile. Upon submission of the MLR-1 return, the microlender should notify the Conduct and Compliance Department by sending an e-mail to their respective Portfolio Managers (i.e., the NAMFISA Analyst who has been assigned to oversee your entity) or to cc@namfisa.com.na to alert the department of the submission and review thereof.

              • The principal officer must consider whether the microlender has complied with all the provisions of the Microlending Act. This includes at a minimum:

                1. Is the microlender’s registration certificate displayed prominently (i.e., easily visible to consumers) at all licensed premises?
                2. Were written loan agreements entered into and signed by both the microlender and the borrower for each loan given out?
                3. Is all the required information disclosed in the loan agreement?
                4. Are the essential terms of the loan agreement clearly explained to the borrower before a loan is given out?
                5. Is a signed copy of the loan agreement provided to the borrower at no cost?
                6. Does the microlender maintain complete and accurate accounting records?
                7. Has the microlender, its employees or any key responsible person (e.g., owner or branch manager) engaged in any conduct prohibited by the Microlending Act (e.g., keeping IDs, bank cards or pin codes)?
                8. Has the microlender kept the borrower’s information confidential as required by the Microlending Act?
                9. Did the microlender submit all the required Returns on time?

                For further information on what the principal officer should consider when completing the MLR-1 Return, please refer to section 3 (6) of the Microlending Standard ML.S.3.

              • The MLR-2/ COA Quarterly Return, also known as the Quarterly Return is a form that microlenders are required to complete and submit to NAMFISA on a quarterly basis. This form allows NAMFISA to collect important information relating to a microlender’s operations. This information is used to assist NAMFISA in effectively regulating the Microlending Industry.

              • The MLR-2 Return should be submitted quarterly within 30 days after the last day of each quarter of the calendar year, as follows:

                  Period of Review
                Quarter 1 01 January – 31 March
                Quarter 2 01 April – 30 June
                Quarter 3 01 July – 30 September
                Quarter 4 01 October – 31 December
              • The MLR-2/ COA Quarterly Return should be submitted electronically on the NAMFISA Online Portal (i.e., NAMFISA ERS). The Return is automatically created by the system at the end of each Quarter. The Principal Officer should receive an email once the Return has been created. The Return’s due date will be indicated on the Return and in the email.

                To access and submit the MLR-2/ COA Quarterly Return, kindly follow the steps below:

                1. Log into the entity’s profile on NAMFISA Online at https://ers.namfisa.com.na/NAMFISAOnline/.
                  NAMFISA Online Homepage
                2. Go to the “Menu” tab in the top left corner and select “Forms”.
                  NAMFISA Online Homepage
                3. Under “Draft Forms”, you will find a table listing all the forms that have been created for your microlending business that have not been submitted yet. Select the form you wish to complete e.g., “COA Quarterly 1 Return 31/12/2024”
                  NAMFISA Online Homepage
                4. The MLR-2/ COA Quarterly Return has four main sections (some with multiple subsections / parts) that need to be completed. Select the “Edit” option to complete or make changes to any of the sections or subsections.
                  NAMFISA Online Homepage
                5. In each section, you will need to provide accurate figures for all line items with a red star “*” e.g., .
                  NAMFISA Online Homepage
                  If a line item is not applicable to your business, you should input a zero (0).
                  You will not be able to submit the Return if you leave any of these lines empty or if you do not validate and save each section.
                6. There are two options available at the bottom of each section in the Return – “Save Draft” or “Validate & Save”.
                  NAMFISA Online Homepage
                  If you would like to exit the form and return at a later stage, you can choose to save a draft. However, be reminded that in order to submit the MLR-2/ COA Quarterly Return, every section has to be validated and saved. Please ensure that the information you provide is accurate and complete at all times.
                7. If the section or subsection has been successfully validated, you will see the green tick as shown below:
                  NAMFISA Online Homepage
                8. Attach the microlender’s summarised management reports under the last section – “Quarterly Return – NFI”.
                  NAMFISA Online Homepage
                9. After completing all the sections, the principal officer should print, complete and sign the MLR-2/ COA Quarterly Return Declaration Form. The Declaration Form is available under the last section – “Quarterly Return – NFI” “MLD Micro-Lender Declaration”
                  NAMFISA Online Homepage
                  Once completed, a copy of the signed Declaration Form should be submitted as an attachment.
                10. If you have successfully completed and validated all the sections, a submission button will appear at the top of the Return. Select “Submit”. If you are unable to submit, we suggest you go through the Return again and make sure you have completed all the required items and validated each section and subsection. If the Return has been submitted it will look similar to the below:

                  NAMFISA Online Homepage
              • Management Reports are an illustration or summary of the microlenders performance during that particular quarter or reporting period. These reports are usually prepared internally by the microlender’s management and will be used to confirm the information submitted in the MLR-2/ COA Quarterly Return. If you make use of a loan administration program or system to conduct your microlending activities, you may in addition submit the extracted reports.

                The Management Reports submitted should represent each of the individual three months within the quarter and be consolidated (e.g., for a Quarter 1 submission you can submit the individual Management Reports for January, February and March and also a consolidated (summarised) Management Report that shows the total values for the three months combined.

                All supporting documents, management reports or any other information submitted in the Returns should be authorized and signed by the Principal Officer. The above should be dated and initialed where appropriate.

              • Yes, if you are registered as a microlender, you are required to submit the MLR-2/ COA Quarterly Return and attach a Police Declaration or an affidavit indicating the following:

                • The name of the microlending entity;
                • Registration Number;
                • Date of registration;
                • Period for which the microlender was inactive (i.e., has not been operating);
                • Reason why the microlender has not started operating;
                • The relationship of the person making the declaration to the microlending entity. The declaration should be made by a key responsible person i.e., Owner or Principal Officer or Manager etc.


                When completing the MLR-2/ COA Quarterly Return, you should input zero (0) amounts and no management reports will be required.

              • Microlenders are required to ensure that they submit all required Returns before the respective deadline. If you fail to correctly submit any of the required Returns by the indicated due date, you will be charged a penalty.

                Further, it is the microlender’s responsibility to make a quality submission (i.e., to ensure that the information submitted is accurate and meets the requirements set out in Standard ML.S.3). The quality of the submission will be considered when the Returns are assessed by NAMFISA. Microlenders are encouraged not to submit sub-par (e.g., incomplete, or partial) information solely to meet the deadline as this will be considered as a non-submission.

                If you are experiencing issues completing or submitting the Return, kindly approach your assigned Portfolio Manager (i.e., the NAMFISA Analyst who has been assigned to oversee your entity) well in advance of the submission deadline and they will be able to assist you. You are provided with 30 days to complete your submission and are encouraged to start completing the MLR-2/ COA Quarterly Return as soon as the data is available.

              • Once you have submitted your MLR-2/ COA Quarterly Return, the Form Status will change to “Pending Approval”. This means that your Return has been received by the Conduct and Compliance Department. Your assigned Portfolio Manager will then proceed to review and approve your submission. Your Portfolio Manager may return your submission if it is incomplete, inaccurate or if further clarity is required. Should this happen, you will receive an email detailing the required amendments or requesting further documentation / information to be submitted.
                As long as your submission status reads as “Pending Approval”, your MLR-2/ COA Quarterly Return has been received by NAMFISA and up to this point, no further action is required from you. If there are any issues, your assigned Portfolio Manager will contact you.

              • Kindly make use of the resubmission button within NAMFISA Online, however take note that once a Return is approved, the system will not allow a request for a submission.
                If there was a material misstatement or error within an approved Return, kindly contact your Portfolio Manager either directly or at cc@namfisa.com.na. Changes will only be accommodated in selected circumstances.

              • Microlenders are allowed to nominate more than one (1) person to have access to their ERS profile; However, the microlender is accountable for ensuring that proper access controls and restrictions are managed from their end.

                To nominate additional persons, you should complete and submit the ERS Nomination Form. The form can be obtained from and should be submitted back to the Licensing and Registration Department.

                1. Attend the quarterly virtual trainings held by the Conduct and Compliance Department. You will be sent an email informing you of the next training session, however these sessions are usually held soon after the MLR-2/COA Quarterly Return is created.

                  Please ensure you are well prepared for these sessions and attend with your management reports if available.

                2. Use the Help option in the top right-hand corner of the screen on NAMFISA Online.
                  NAMFISA Online Homepage
                3. Use the ERS User Guide that is available on the NAMFISA website: www.namfisa.com.na. The guide is available on the home page.
                  NAMFISA Online Homepage
                4. Contact the Conduct and Compliance Department at cc@namfisa.com.na.
              TOPIC: Principal Debt Components And Maximum Finance Charges
              • In terms of the Microlending Act, “principal debt” means:

                1. the loan amount;
                2. the costs in respect of stamp duties actually paid or to be paid by the microlender in connection with the microlending transaction and which are owing to the microlender by the borrower;
                3. premiums actually paid or to be paid by the microlender to an insurer registered in terms of the Long-term Insurance Act, 1998 (Act No. 5 of 1998) as agreed between the insured and such insurer in respect of a life policy which is ceded to the microlender as security for the repayment of the loan; and
                4. the levy paid or to be paid by the microlender in connection with the microlending transaction pursuant to section 15(1).

                Principal debt in respect of any microlending transaction is thus composed solely of the four categories of amounts referred to under paragraphs (a) to (d) of the definition of “principal debt”. Therefore, no other amount, outside of these four categories, may be included in the calculation of principal debt.

                In this regard, the Principal debt is made up of -

                1. the actual loan amount;
                2. stamp duties charged to the borrower by a microlender (N$5.00 per loan agreement); 1 Section 1 of the Microlending Act, 2018 (Act No. 7 of 2018) 4
                3. Long-term insurance premiums actually paid or to be paid by the microlender to an insurer registered in terms of the Long-term Insurance Act, 1998 (Act No. 5 of 1998) as agreed between the insured and such insurer in respect of a life policy which is ceded to the microlender as security for the repayment of the loan; and
                4. NAMFISA levies (charged at 1.03% per loan amount)
              • A loan amount is the actual amount / sum of money given to a borrower in terms of a microlending transaction. The loan amount excludes any costs charged by the microlender (i.e. stamp duties, NAMFISA levies, insurance premium and finance charges).

              • The loan amount for any single transaction should not exceed N$100,000

              • All installments should be repaid back within 60 months (max allowed period/ can be less than this). Payday loans are repayable between one (1) and five (5) months, while Term loans are repayable between six (6) and sixty (60) months.

              • Revenue Stamps are mandatory for every loan agreement. Stamp duties are charged in terms of Schedule 1 of the Stamp Duties Act. Each original loan agreement should contain a stamp of N$5.00. The stamps can be bought from the Ministry of Finance or NAMPOST, who collects revenue stamps on behalf of the Ministry of Finance

              • Stamp duty is a component of Principal Debt, thus microlenders can charge the stamp duty of N$ 5.00 per transaction that they have paid or will pay over to the Ministry of Finance / NAMPOST to the borrowers. The N$5.00 is a fixed amount, regardless of the transactions loan amount.

              • In cases where a duplicate agreement is required, the microlender can charge and insert a N$1.00 stamp on the duplicate agreement to be provided to the borrower. The N$1.00 stamp can also be bought from the Ministry of Finance or NAMPOST and charge the same (N$1.00) on the client. The duplicate stamp duty cost of N$1.00 will not form part of Principal Debt but rather admin costs.

              • For insurance premium to form part of the microlending transaction and as a result included in the Principal Debt, the following must be in place;

                • The policy must be a life insurance policy,
                • The policy must serve as security for the loan,
                • Premiums must actually be paid or to be paid by the microlender to an insurer registered in terms of the Long-term Insurance Act, 1998 (Act No. 5 of 1998),
                • The life policy must be in the name of the borrower and ceded to the microlender as security for the repayment of the loan by the borrower, and
                • It must be agreed in writing between the insurer and the insured.
                .
              • NAMFISA levies are calculated at 1.03% of the actual loan amount disbursed to the borrower (loan amount before considering finance charges, stamp duties and insurance). For instance, if a microlender gives N$1,000.00 to a borrower, NAMFISA levies will be N$10.30 on that transaction.

              • A microlender is responsible for charging and withholding NAMFISA levies from the client, and paying the levies over to NAMFISA. The client is therefore the one that pays the levies, the microlender is only responsible for charging the levies to the borrower and paying the levies over to NAMFISA on the borrower’s behalf.

              • The NAMFISA levies are collected and paid by the microlender to NAMFISA on a bi-annual basis (twice a year) and a top up (where required) as determined in the 3rd provisional levy return. However, a microlender is not prohibited from paying the levies on a more frequent basis (e.g. monthly, every second month etc.) where this allows for better management of the microlenders’ expenses

              TOPIC: Maximum Finance Charges
              • Maximum finance charges are the maximum percent rates (%) of finance charges allowed to be charged on microlending and money lending transactions as determined by the Registrar in terms of the Usury Act 2 . A microlender may not, in connection with any microlending transaction stipulate for, demand or receive finance charges at a rate greater than:

                • Payday lenders: 30% of the Principal Debt amount (once - off rate)
                • Term Lenders: Prime rate x 2 (per annum)
                • Moneylender (unregistered entities): 1.6 x Prime rate (per annum)
              • Money lenders are lenders that do not meet the definition of a microlender in terms of the Microlending Act. They are not unregistered microlenders or illegal lenders and are permitted by law to engage in lending business with restricted finance charges. Money lenders are only allowed to charge Prime rate x 1.6% on the actual loan amount per annum.

              • Where a borrower defaults on their loan payment, the microlender may charge the borrower default interest. Default interest is charged at a maximum of 5% on the outstanding defaulted amount. An example where a borrower who owes N$ 1,200.00 (inclusive of all costs) defaulted, the microlender can charge the borrower an additional N$ 60.00 (1,200.00 x 5%) on the outstanding amount and inform the borrower of the additional charge. The repayable amount in this example will thus be N$1,260.00.

              • General Notice No. 263 as published in Government Gazette 6736 15 October 2018 impose limitation on how long default interest may be charged. Default interest may only be charged for a maximum of three (3) months. For instance, using the previous example if the borrower defaults for one month they may be charged N$60.00 default interest. If they default for two months the microlender may again charge a maximum of 5% default interest on the outstanding amount N$ 63.00 (N$ 1,260.00 x 5%), three months 66.15 (N$ 1,323.00x 5%), the repayable amount at the end on the 3rd month of default will thus be N$ 1,389.15.

                If after three months of having defaulted the borrower has still not settled their debt the microlender may no longer charge the borrower default interest but rather take the next action which is to hand the borrower over to debt collectors or lawyers.

              • Section 24 (9) read with section 27 of the Microlending Act oblige a microlender to communicate to a borrower of the intention to hand them over to a debt collector or lawyer. The microlender must inform the borrower by way of a notice addressed to the borrowers address as provided to the microlender, of the intention of the microlender to do so.

              • Section 24 (4) and 24(10)(a) require a microlender to subscribe to a credit bureau and perform a credit check through a registered credit bureau on a loan applicant and carry out an affordability assessment.

              TOPIC: Affordability Assessment
              • There is no provision in the Microlending Act prohibiting a consumer from obtaining more than one loan, however, the Microlending Act requires that a microlender subscribe to a credit bureau and conduct an affordability assessment on a borrower before granting any further loans to assess the consumers ability to repay the additional loan.

              • The Microlending Standard ML.S.4 (“ML.S.4”) which is applicable to all registered microlenders and to every microlending transaction concluded, provides guidance and a form and manner for performing affordability assessment.

              • A microlender may request and assess the following documents:

                • Obtain the borrowers recent pay slip to determine the borrowers net salary and recurring financial obligations expenses (e.g., policy deductions, magistrate/child maintenance fees etc.),
                • Obtain the borrowers’ three (3) months bank statements, as this will provide a better trend of the client’s discretionary income considering the recurring expenses, and
                • Obtain the borrowers declared additional income (if any) and expenses.

                A microlender may not enter into a microlending transaction with any borrower or provide a loan where, in terms of the affordability assessment, the repayment amount exceeds fifty (50) percent of the borrower’s discretional income or ⅓ (one-third) of the borrower’s gross salary, whichever is the lesser amount.

                Discretionary income is defined in Standard ML.S.4 (“the Affordability Assessment Standard”) as the loan applicant or borrower’s total gross income, minus statutory deductions, minus employer deductions (i.e., deductions effected by an employer as a condition of employment), minus court ordered deductions, minus other financial obligations that appear on the loan applicant or borrowers credit record, minus the total cost of basic necessities of life

              TOPIC: Annual Renewal of Registration as a Microlender
              • A microlending license is valid for one (1) year, from the date of approval (e.g. A license that was approved on 31 July 2022 will expire on 01 August 2023). The microlender should apply for renewal through the Licensing and Registration Department sixty (60) working days before the license expires.

              • No, initial application fees are N$2,000.00,while renewal application fees are only N$ 500.00.

              • The Service Level Commitment (SLC) to the industry for renewal applications is sixty (60) working days.

              • The provisions of the Microlending Act permits microlenders to continue conducting business for as long as the renewal application has been submitted on time to NAMFISA. The entity is allowed to continue trading until a response has been received from NAMFISA.

                For queries relating to the annual renewal and registration, kindly contact the NAMFISA Licensing and Registration Department at licensing@namfisa.com.na or at 061 290 5000.

                 

              TOPIC: Prohibited Conduct of Microlenders and Consequences
              • Section 23 of the Microlending Act prohibits a microlender from;

                • requiring a loan applicant or borrower to sign any blank or incomplete documents,

                • provide a loan to a person unless an affordability assessment has been conducted,

                • provide a loan to a person who already has an existing loan, unless the affordability assessment clearly demonstrates the ability of the loan applicant/ borrower to service the additional loan having regard to all his/her existing obligations;

                • institute legal proceedings against the borrower without prior written notice to the borrower;

                • solicit or accept deposits from the public in contravention of the Banking Institutions Act;

                • as security or for collection arrangement purposes, keep in possession or make use of any bank cards or personal information such as pin codes or original identification documents of the borrower;

                • make use of any collection method not authorised by law;

                1. attach borrowers’ properties,
                2. threats of physical or other harm and
                3. using payment methods in violation of the Payment System Management Act;

                • directly or indirectly require or induce a loan applicant or borrower to enter into a supplementary agreement linked or related to the microlending transaction, or sign any document that contains a provision that would be unlawful if it were included in a main loan agreement;

                • request or demand a loan applicant or borrower to give the microlender temporary or permanent possession of an identity document or banking card or document; or reveal any personal identification code or banking password;

                • directly or indirectly require or induce a loan applicant or borrower to enter into a supplementary agreement;

                • direct any other person to do anything referred to in this section on behalf or for the benefit of the microlender;

                • stipulate for, demand or receive finance charges, penalties or interest in excess of the maximum rate;

                • provide a loan or offer to provide a loan to a loan applicant or borrower on condition that the loan applicant or borrower must take out insurance, and all other prohibited conducts as outlined in the various sections of the Microlending Act and applicable Standards and regulations.

              • If a microlender fails to comply with any of the provisions as noted above the microlender will be subject to penalties, as prescribed by the Minister . The penalty imposed may provide for interest at rates not exceeding the rates specified under the Government Notice No. 6736 payable from a date determined by NAMFISA.

              General Feedback Complaints Against NAMFISA Consumer Complaints
              General Feedback Complaints Against NAMFISA Consumer Complaints
              Skip to content