Namfisa received 283 complaints from financial services consumers
The Namibia Financial Institutions Supervisory Authority (Namfisa) received 283 complaints from consumers of financial service providers in the fourth quarter of 2020. The authority’s fourth quarterly report, issued on Friday, indicates that this is an increase of 8.4% from the third quarter of 2020 and an increase of 6.8% on an annual basis.
“About 69.3% of the complaints received during the quarter were resolved. Further, out of the 283 complaints, 98.6% jointly originated from only four industries, namely micro-lending and credit agreements, longterm insurance, short-term insurance and retirement funds. The micro-lending industry’s loan book value declined on a quarterly and yearly basis by 5.3% and 19.1%, respectively, to N$6.1 billion at the end of the fourth quarter of 2020,” the report reads.
It noted that in the preceding quarters, the value of the loan book continued to be dominated mainly by the stock for the term lenders that stood at N$6 billion, accounting for almost 98% of the total share.
Total investments in unlisted companies as of 31 December 2020 stood at N$1.95 billion, representing an increase of 6.9% on an annual basis from the previous reporting period ended on 31 December 2019.
During the period under review, total committed capital slightly decreased by 1.4% from N$4.4 billion as of 30 June 2020 to N$4.3 billion as of 31 December 2020.
“This notable decrease can be attributed to the registration of one special purpose vehicle during the period due to non-compliance with the regulations. The equity markets’ performance improved compared to the previous quarter.
The Namibia Stock Exchange overall market capitalisation ended 16.1% higher at N$1.74 trillion for the fourth quarter on a quarterly basis,” reads the report.