Regulatory Alerts2023-05-12
Added · Updated
Consumer Credit Bill (Fourth Draft)
The Minister of Finance introduced this fourth draft bill to consolidate and reform Namibia’s credit laws by establishing Consumer Credit Regulators and mandating the registration of credit providers, bureaus, and debt collectors. The legislation imposes strict disclosure requirements on interest, fees, and charges while introducing comprehensive consumer rights regarding credit applications, information transparency, and protection against reckless lending. It repeals the Usury, Credit Agreements, and Microlending Acts to create a unified regulatory framework that governs credit agreements, debt enforcement, dispute resolution, and industry conduct standards.