Regulatory Alerts2021-01-25
Added · Updated
Regulations on Penalties for Non-Compliance with the Microlending Act, 2018
The Namibian Minister of Finance has issued regulations mandating administrative penalties for microlenders non-compliant with the Microlending Act, 2018. Daily penalties are calculated at ten percent of the preceding financial year’s loan disbursement value, scaled by specific contravention types and capped cumulatively at N$500,000 per provision. The framework specifies penalty rates for breaches including late submissions, failure to report or appoint officers, unlawful loan conditions, excessive charges, and non-adherence to NAMFISA directives.
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