Since the launch of the NAMFISA Consumer Ed-ucation Bulletins, we have endeavoured to provide you, the consumer, with the information you need to make well-informed financial decisions.
We would like to believe that we have been able to help consumers of financial services to understand their rights and obligations.
The importance of financial education cannot be overemphasised. It is essential for all consumers of financial services to have the necessary information and tools to decide how to budget, buy a home and fund their children’s educations, among others.
We understand fairly well the difficult economic circumstances under which many of our people live and the need to make ends meet under tough circum-stances. These circumstances unfortunately pressure people to commit themselves to undertakings that they cannot honour in the long run.
As a result, we find many consumers facing prob-lems with being unable to repay loans, having their properties repossessed and blacklisted. These are all unwanted and avoidable situations that many con-sumers find themselves in.
Wittingly or unwittingly, consumers enter into con-tracts to secure loans or to buy items on credit. Very often, as our statistics prove, consumers do not take due care to consider what they are letting themselves in for. It becomes unfortunate that after a contract has been entered into with a service provider or supplier of goods, the consumer discovers that he or she cannot afford the monthly payments or that the
product or service is not working for him or her. This is usually caused when consumers don’t take time to read the contracts or make the effort to have it explained to them before signing. Consumers should ensure that they understand all the risks involved be-fore entering into contracts or transactions. It is the right of the consumer to demand from the service provider that all the risks involved should be ex-plained in plain and understandable language.Claiming not to have known the stipulations of an agreement or contract is not sufficient reason to have a contract cancelled. Consumers should out of necessity ensure that they understand before signing on the dotted line.“I am therefore making a special plea to consumers of financial services to ensure that they fully understand their rights and responsibilities.”
NAMFISA will continue its consumer education efforts, but will not succeed if consumers do not react positively to our efforts. As CEO of NAMFISA, I am therefore making a special plea to consumers of financial services to ensure that they
fully understand their rights and responsibilities. While NAMFISA’s job is to regulate to ensure a
safe and stable financial environment, consumers must understand that
regulation alone is not sufficient to protect their rights; their behaviour plays a big role.
To ensure that we walk this path, you will find that this revamped Bulletin has a “CEO Question Slot.” It is meant for us to engage via this publication to ensure that we provide you with the necessary infor-mation and answers that you require. I look forward to engaging with you.
Enjoy your reading.
Mr. Phillip Shiimi
NAMFISA CEO