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 received public and industry input on supplementary legislation to the Financial Institutions and Markets Act (FIMA) and feedback on this will be communicated during the last quarter of this year.
Speaking at the Legislative and Supervisory Reform conference in Swakopmund, Namfisa's CEO, Kenneth Matomola, says that to ensure Namibia's financial system is stable and sound, transformation is necessary from outdated legislative frameworks, which are a challenge to regulation and supervisory.
The Non-banking financial sector assets have grown by 14% despite an economic downturn, which translates to N$370 billion as of December 2021.
The Chief Executive Officer of the Namibia Financial Institutions Supervisory Authority (Namfisa), Kenneth Matomola, revealed this during the launch of its 2022 annual report.
Matomola says the increase in the total of the sector's assets was due to improved performance in the equity markets and does not pose risk to the financial system.
