Regulatory Alerts2019-10-22
Added · Updated
Microlending Act, 2018
The Parliament of Namibia, promulgated by the President and overseen by NAMFISA, enacted the Microlending Act to regulate microlending businesses and establish a consistent enforcement framework. The legislation mandates that all active and prospective microlenders register with the supervisory authority, adhere to capped finance charges and fit-and-proper personnel criteria, and comply with strict conduct standards including cooling-off periods and transparent loan agreements. NAMFISA is empowered to inspect operations, verify compliance data, cancel or vary registrations, and impose substantial fines or imprisonment for contraventions, thereby safeguarding borrowers and deterring financial crime.