Consumer Credit Bill enters public fray
The Namibia Financial Institutions Supervisory Authority (Namfisa) held consultative meetings on the the Consumer Credit Bill, which is currently doing the rounds as the financial watchdog seeks to gain input from stakeholders.
Namfisa deputy CEO for market conduct and operations Johannes Smit gave an overview of what the Bill would seek to achieve once enacted.
“Consumer protection is paramount in our deliberations. It underpins the very essence of the Consumer Credit Bill. We must remember that this Bill, when enacted, will be a powerful tool that can either help individuals realise their dreams, or push them into financial hardship,” he said.
According to him, in essence, the Consumer Credit Bill aims to protect the interests of consumers, promote responsible lending and provide avenues for recourse in cases of disputes.
“By engaging in these consultations, we are demonstrating our commitment to creating a financial landscape where consumers are not just protected, but empowered,” he said.
Safety net
“The regulations we put in place must provide a robust safety net, ensuring fairness, transparency and accountability,” he added.
Smit called for stakeholders to make contributions to the Bill to ensure that it is fair to all who may be affected by it.
“The Bill will touch our lives and the lives of our loved ones. We, therefore, have a vested interest to ensure that it will be a piece of legislation that is fair towards all parties involved in consumer credit transactions,” Smit said.
The purpose of the Bill is to promote fair, transparent and responsible conduct in the consumer credit market where consumers of credit are protected by ensuring that there is no arbitrage in the regulation and supervision of different types of consumer credit.
There also are responsible borrowing and lending practices that prohibit the granting of credit without conducting affordability assessments, and enforce the fair treatment of consumers.
The Bill will repeal the Usury Act, the Credit Agreements Act and the Micro-Lending Act.
Namfisa deputy CEO for market conduct and operations Johannes Smit gave an overview of what the Bill would seek to achieve once enacted.
“Consumer protection is paramount in our deliberations. It underpins the very essence of the Consumer Credit Bill. We must remember that this Bill, when enacted, will be a powerful tool that can either help individuals realise their dreams, or push them into financial hardship,” he said.
According to him, in essence, the Consumer Credit Bill aims to protect the interests of consumers, promote responsible lending and provide avenues for recourse in cases of disputes.
“By engaging in these consultations, we are demonstrating our commitment to creating a financial landscape where consumers are not just protected, but empowered,” he said.
Safety net
“The regulations we put in place must provide a robust safety net, ensuring fairness, transparency and accountability,” he added.
Smit called for stakeholders to make contributions to the Bill to ensure that it is fair to all who may be affected by it.
“The Bill will touch our lives and the lives of our loved ones. We, therefore, have a vested interest to ensure that it will be a piece of legislation that is fair towards all parties involved in consumer credit transactions,” Smit said.
The purpose of the Bill is to promote fair, transparent and responsible conduct in the consumer credit market where consumers of credit are protected by ensuring that there is no arbitrage in the regulation and supervision of different types of consumer credit.
There also are responsible borrowing and lending practices that prohibit the granting of credit without conducting affordability assessments, and enforce the fair treatment of consumers.
The Bill will repeal the Usury Act, the Credit Agreements Act and the Micro-Lending Act.
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