This Act provides rules for the bussines of microlending, i.e. the business of advancing loans to borrowers in terms of microlending transactions (defined) as a regular feature. The objects of this Act are to - (a) foster - (i) the highest standards of business conduct by microlenders; (ii) fairness, efficiency, transparency and orderliness of the microlending industry; (iii) the protection of borrowers and the promotion of responsible borrowing and lending; (iv) the promotion of public awareness and understanding of the microlending industry; and (v) the reduction and deterrence of financial crime; (b) regulate and supervise the microlenders as provided for in this Act; and (c) ensure that microlenders comply with the relevant provisions of the Usury Act. A person needs to be registered with the Namibia Financial Institutions Supervisory Authority (NAMFISA) in order to legally conduct the business of a microlender. The Act provides rules for the conduct of business and defines rights and obligations of borrowers. It also provides for supervision by NAMFISA.
Namibia · 2018-07-17