The Namibia Financial Institutions Supervisory Authority (Namfisa) has cautioned the public against unregistered micro-lenders who continue to engage in illegal practices such as confiscating clients’ identity documents.

Lawyer Kadhila Amoomo, representing 75-year-old Katutura pensioner Petrina Sikela, has issued a demand to Nampost for the reimbursement of N$10,560, allegedly withdrawn from Sikela’s account without authorisation between 4 February and 22 July of this year.

President Netumbo Nandi-Ndaitwah has called on the Bank of Namibia and the Ministry of Finance to release regulations ensuring that fees and charges by commercial banks serve the public interest.

The Chief Executive Officer of the Namibia Financial Institutions Supervisory Authority (NAMFISA) has called for the urgent implementation of the Financial Institutions and Markets Act (FIMA).