{"id":62038,"date":"2024-01-26T17:13:16","date_gmt":"2024-01-26T17:13:16","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/money-lenders-cautioned-on-keeping-bank-cards"},"modified":"2024-01-26T18:12:12","modified_gmt":"2024-01-26T18:12:12","slug":"money-lenders-cautioned-on-keeping-bank-cards","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/money-lenders-cautioned-on-keeping-bank-cards","title":{"rendered":"Money lenders cautioned on keeping bank cards"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>The Namibia Financial Institution Supervisory Authority (Namfisa) has cautioned both the public and the money lenders against the retention of borrowers\u2019 bank cards, PIN codes, original identification documents, passports, and original driver\u2019s licences.<\/p>\n

The retention on these items is strictly prohibited as outlined in the Microlending Act (2018).<\/p>\n

As a financial regulator, Namfisa operates in the market of the non-bank financial sectors under its supervision. Chief executive officer of Namfisa, Kenneth Matomola, explained that the prohibition of bank cards and PIN codes retention was imposed to protect microlending customers from being exploited by unscrupulous microlenders. Matomola explained that consumers of financial services are the most vulnerable members of the financial system, and it is thus the job of the financial regulator to ensure they are treated fairly and are protected against market abuse. Matomola added that the retention of bank cards, PIN codes and original identification documents enables increased market conduct abuse, and this compromises the integrity of the Namibian financial system, which the regulator will protect.<\/p>\n

While the practice of lenders holding bank cards, PIN codes, or original identification documents may not automatically suggest misuse beyond loan repayments, consumers are exposed to a real risk of unauthorised use of their bank cards and other retained original documents.<\/p>\n

\u201cThe authority recognises the importance of preventive measures and cannot afford to wait for a loss to occur before taking the necessary actions. Consumers benefit from Namfisa\u2019s protective measures through appropriate legislation. The retention of bank cards and PIN codes, original identification documents, original passports, and original driver\u2019s licences is prohibited by section 23) of the Microlending Act,\u201d Namfisa stated. Microlenders found guilty of contravening the Microlending Act, are liable to pay penalties calculated at 10% of the annual value of loan disbursements in the immediately preceding financial year. As per the provision of the Microlending Act 2018, any person who conducts the business of a microlender without being registered in terms of this Act commits an offence and is liable on conviction to a fine not exceeding N$500 000 or to imprisonment for a period not exceeding five years, or to both such fine and such imprisonment.<\/p>\n

Meanwhile, Namfisa has encouraged borrowers to contact the authority and report microlenders that insist on keeping their bank cards and PIN codes and original identification documents.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. The Namibia Financial Institution Supervisory Authority (Namfisa) has cautioned both the public and the money lenders against the retention of borrowers\u2019 bank cards, PIN codes, original identification documents, passports, and original driver\u2019s licences. The retention on these items is strictly prohibited as outlined in the Microlending Act (2018). As a financial regulator, […]<\/p>\n","protected":false},"author":84,"featured_media":62037,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-62038","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nMoney lenders cautioned on keeping bank cards - Namibia<\/title>\n<meta name=\"description\" content=\"The Namibia Financial Institution Supervisory Authority (Namfisa) has cautioned both the public and the money lenders ag ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/money-lenders-cautioned-on-keeping-bank-cards\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Money lenders cautioned on keeping bank cards\" \/>\n<meta property=\"og:description\" content=\"The Namibia Financial Institution Supervisory Authority (Namfisa) has cautioned both the public and the money lenders ag ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/money-lenders-cautioned-on-keeping-bank-cards\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-26T17:13:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-26T18:12:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2024\/01\/sm_1706279843.55671.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"504\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/money-lenders-cautioned-on-keeping-bank-cards#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/money-lenders-cautioned-on-keeping-bank-cards\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Money lenders cautioned on keeping bank cards\",\"datePublished\":\"2024-01-26T17:13:16+00:00\",\"dateModified\":\"2024-01-26T18:12:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/money-lenders-cautioned-on-keeping-bank-cards\"},\"wordCount\":399,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/money-lenders-cautioned-on-keeping-bank-cards#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2024\/01\/sm_1706279843.55671.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/money-lenders-cautioned-on-keeping-bank-cards#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/money-lenders-cautioned-on-keeping-bank-cards\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/money-lenders-cautioned-on-keeping-bank-cards\",\"name\":\"Money lenders cautioned on keeping bank cards - 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