The Namibia Financial Institutions Supervisory Authority (NAMFISA) has reiterated that no microlender is allowed to confiscate or withhold borrowers' bank cards, PIN codes, or original identification documents.

Bank cards, PIN codes, and original identification documents are prohibited from being kept by those who offer loans through microlending to consumers.

The Namibia Financial Institutions Supervisory Authority (NAMFISA) has ordered the payment of N$200 million to customers following complaints.

NAMFISA's Manager for Corporate Communications and Consumer Education, Victoria Muranda, explained that the regulator received complaints largely attributed to the delays in the non-payment of pension benefit claims, repudiation of funeral claims, long-term and short-term insurance, pension funds, microlending, and credit agreements.

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.

Namibia Financial Institutions Supervisory Authority (NAMFISA) has launched its 2023 FINTECH Square programme.

The regulator hopes to engage stakeholders in the transition to digitisation and financial inclusion, exploring concepts and best practices for industry, innovators and customers alike in the non-banking financial sector.

Fintech Square is a concept that became popular post the 2008 financial crisis.