The Namibia Financial Institutions Supervisory Authority (NAMFISA) has announced plans to conduct a formal consultation on the proposed draft Consumer Credit Bill from June to September 2023.

This was revealed by the company's Corporate Communication Officer and Consumer Education Officer, Victoria Muranda.

The objective of the bill is to establish regulations and oversight for all consumer credit transactions as well as ensure consumer protection for goods purchased both online and in physical stores.

As per the directive of the Minister of Finance and Public Enterprises, NAMFISA has taken the lead in drafting the Consumer Credit Bill with the aim of strengthening regulation for all consumer credit transactions in the country.

Muranda stated that the company has initiated a series of public consultations across all 14 regions. The purpose of these consultations is to raise awareness among the public about the content and objectives of the draft Consumer Credit Bill.

"The proposed draft Consumer Credit Bill aims to promote a fair, transparent, and responsible market in the consumer credit market where consumers are protected. The bill aims to consolidate, harmonise, and reform the laws regulating the provision of credit and credit agreements by establishing the Consumer Credit Regulators."

Muranda also emphasised that the Consumer Credit Bill encompasses regulations pertaining to credit providers, credit bureaus, and debt collectors.

"It will also provide for the regulation of credit agreements in terms of which movable and immovable goods are purchased on credit, services are rendered on credit, and money is borrowed. Providing for the limitation and disclosure of interest, costs, fees, and other charges levied with respect to the provision of credit and providing for improved standards of consumer protection."

Both the industry and the general public are invited to participate in public consultations and engage in discussions regarding the proposed Consumer Credit Bill. Attendees are encouraged to share their opinions and provide feedback on the bill.