Chamwe Kaira
Consumers received N$11.8 million from 87 complaints lodged against non-banking financial institutions with the Namibia Financial Institutions Supervisory Authority (Namfisa) in the 2025 financial year.
The payouts dropped from N$14.7 million in 2024. NAMFISA said its intervention contributed to the decline.
The largest recoveries came from pension funds with N$7.2 million, followed by long-term insurance at N$3.1 million, short-term insurance at N$1.3 million, medical aid funds at N$149 534, microlending at N$55 554, and capital markets at N$24 659.
“Despite the decrease in almost all the industries when compared with 2023, the complaints against the long-term insurance industry, short-term insurance industry, microlending and credit agreement industry, and pension funds industry remained the top four industries in terms of received complaints. Together, these industries accounted for 97%, on aggregate, of all complaints lodged during the reporting period,” the report said.
Namfisa reported that most complaints in 2025 were directed at the insurance sector, with long-term insurance accounting for the highest number.
According to its latest annual report, 138 complaints were lodged against long-term insurance, 89 against short-term insurance, 75 against microlending, 59 against pension funds, 10 against medical aid funds, and two against the capital markets industry.
Together, long-term and short-term insurance, microlending, and pension funds made up 97% of all complaints recorded during the year.
Common complaints in the long-term insurance sector included delays in death benefit payments, lapsed policies, repudiation of funeral benefit claims, failure to cancel policies, and poor service delivery.
In short-term insurance, disputes involved motor vehicle accident claims, repudiation of property insurance claims, and dissatisfaction with settlement processes.
Microlending complaints focused on overcharging of interest, illegal deductions, retention of personal documents, lack of information, and loan extensions. Pension fund complaints were centred on delays in pension and death benefit payments, withholding of benefits, and poor service.
Namfisa said recurring complaints were linked to poor communication, non-disclosure of charges and terms, weak affordability assessments in loans, misrepresentation of facts during claims, lapsing of policies due to unpaid premiums, and poor customer service.
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Picture used for illustrative purposes.
