NC member Jason Ndakunda welcomes new law regulating financial institutions

NC member Jason Ndakunda welcomes new law regulating financial institutions
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Jason Ndakunda Facebook

A Swapo member in the National Council has welcomed a new law regulating financial institutions hoping that it will address some of the problems encountered by many Namibians.
This was the view of Engela Constituency Councillor Jason Ndakunda during a debate on the Namibia Financial Institutions Supervisory Authority (NAMFISA) Bill in the house on Thursday.
Ndakunda appealed to NAMFISA to educate the public about lending and ensure that the consumers make good use of such services.
Ndakunda says many Namibian consumers in the financial sector have suffered at the hands of financial institutions ranging from banking entities, short-term insurers and micro-lenders, among others.
He complained that most consumers are entering into agreements with short-term insurers without a clear understanding of their contracts as their finer details are written in small print and unclear to read.
Micro-lenders, he said, are keeping customers' essential documents including IDs and bank cards and bleeding their costumers dry.
He further pointed out that banking entities are introducing unexplained debit orders without the account holder's knowledge while consumers have huge numbers of deductions that exceed their monthly income, saying this is not healthy.