The Namibia Financial Institutions Supervisory Authority (NAMFISA) recovered over N$2.7 million for consumers in the non-banking financial sector during the third quarter of 2024, resolving complaints swiftly and effectively.

In a media statement issued on Thursday, NAMFISA’s Chief Executive Officer, Kenneth Matomola, stated that the Authority handled 80 complaints between 01 July and 30 September 2024.

“All complaints were resolved within 40 working days as part of our Service Level Commitment,” he said.

Matomola noted that the majority of complaints originated from the long-term insurance (37), short-term insurance (25), and microlending (11) sectors. Complaints about microlending saw a significant decline compared to 53 cases recorded in the same period last year.

He highlighted common concerns, including non-payment of funeral claims (8.75%) and repudiation of funeral and motor vehicle accident claims (7.5%).

“Our interventions ensure accountability and uphold consumer rights,” he added.

NAMFISA facilitated payouts exceeding N$2.7 million for long-term insurance claims, marking a substantial increase from the previous quarter. However, pension fund payouts dropped sharply to N$36,511, while short-term insurance payouts decreased by 78%. In contrast, the medical aid fund sector improved, with N$86,231 disbursed.

Emphasising consumer education, Matomola said empowered consumers make informed decisions, reducing disputes with financial institutions.

“NAMFISA remains committed to a fair and stable financial sector, safeguarding consumer interests and fostering trust,” he said.