By: Dwight Links
Namfisa’s general manager for legal services, Nolan Swartz, explained that they have led a coalition of organisations and ministries to develop the Consumer Credit policy a couple of years ago.
These included the Ministry of Finance, the defunct Ministry of Industrialisation & Trade, Bank of Namibia (BoN), the Financial Literacy Initiative, and the GIZ. This led to the development of the Consumer Credit Bill.
The purpose of the bill is to promote fair and responsible market conduct in consumer lending.
This connects to the Microlending Act, which tries to incorporate those elements into other credit providers, Swartz explained.
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