Dear readers,
It has been an exciting journey, interacting with you. My personal wish for you is that you will have a productive 2015 and that we will continue building our fostered relationships.
It is fair to say that many of the people we met with and talked to, voiced genuine surprise and appreciation that NAMFISA was asking for their input. This is intended to lay out the basis for a hopefully intense, interactive and inspiring discussion with all stakeholders, and first and foremost with consumers of financial services.
Getting it right for consumers is something we would all subscribe to as regulated entities and regulators alike; hence the issuing of the public notices on malpractices
and visiting different radio stations. It’s an important and vital concept for us all particularly at this time when there is a pressing need to rebuild consumer trust and confidence in a stable, sustainable financial system supported by an effective and efficient consumer protection and empowerment framework.
Transparency is a key factor in building confidence and empowering consumers which is embedded in the NAMFISA regulatory framework. We believe that financial institutions can and must do more to inform consumers, and be more proactive in delivering clear, targeted, easily understood and timely public communications and more consumer-friendly information.
Consumers need the time, space and support to be able to understand and properly evaluate the information they receive in order to purchase financial products and services that best meet their existing and future needs.
I would also like to thank those who have sent feedback and comments to us via our various feedback channels.
We value your comments and I want to assure you that we make every effort to ensure that we attend to your concerns and address issues that pertain to the way
we regulate and supervise the financial industry.
Enjoy this edition of the Consumer Education Bulletin.
Phillip N. Shiimi
NAMFISA CEO