The Namibia Financial Institutions Supervisory Authority (Namfisa) has recovered over N$2.7 million in the non-banking financial sector during the third quarter of 2024, as part of resolving complaints.

In a media statement issued last week, Namfisa chief executive Kenneth Matomola said the authority handled 80 complaints between 1 July and 30 September.

"All complaints were resolved within 40 working days as part of our service level commitment," he said.

Matomola said 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.