STAFF WRITER
CONSUMER complaints in the Namibian non Banking Financial Services Sector (NBFI) shot up by 77.4 percent in the first quarter of this year, the Namibia Financial Institutions Supervisory Authority (NAMFISA) says.
According to the latest first quarter statistics report released by NAMFISA 110 consumer complaints were recorded during the quarter.
This marked a 77.4 percent increase from the previous quarter, though a 19.7 percent decline compared to the same period in 2024.
“Impressively, 89.1 percent of these complaints were resolved, with N$204,700 in compensation disbursed to complainants,” NAMFISA said.
NAMFISA said the latest Statistical Report reflects continued resilience and steady growth across the NBFI sector, which comprises insurance companies, medical aid funds, retirement funds, friendly societies, capital markets, and microlending institutions.
Speaking at the launch, NAMFISA’s Chief Executive Officer Kenneth Matomola sais the NBFI
sector maintained a robust performance in the first quarter of 2025.
“This is supported by favorable market conditions, strong investment returns, and steady demand
across key industries,” he said.
NAMFISA said the microlending industry remained the leading source of complaints, accounting for 59 percent of total cases.
“The sector’s total assets stood at N$481.6 billion, representing a 1.6 percent increase quarter-on-quarter and 12.8 percent year-on-year. Growth was driven by favorable market conditions, strong investment returns, and consistent demand. Long-Term Insurance: Total assets reached N$85 billion, with solid solvency
improvement and a 4.9 percent increase in excess assets, despite reduced new policy uptake.,” NAMFISA said.
The report also showed that Short-Term Insurance Assets grew to N$9.9 billion, driven by inflation-adjusted premiums.
However, solvency and liquidity ratios declined amid increased
seasonal claims.
“Medical Aid Funds: The industry maintained a stable position with a net surplus of N$229.7 million and a growing membership of 220,652 beneficiaries,” NAMFISA said.
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