Ordinary Namibians are being robbed of transparency, and the corporate giants are getting away with it.
An explosive audit of unclaimed monies notices reveals a staggering pattern of corporate default. Out of thousands of records examined, a single corporate family—Momentum Group, Metropolitan, and Momentum Metropolitan—accounts for over 5,000 instances of publishing unclaimed beneficiary lists where they do not provide amounts as specified, as is MANDATORY under the law.
These funds belong to everyday citizens who have trusted these financial institutions with their life savings, pensions, and retirement annuities. Yet, when it comes to publishing statutory unclaimed notices in the Government Gazette, this corporate giant repeatedly leaves out legally required benefit amounts—making it impossible for families to know what is rightfully theirs.
These funds originate from just one company that is breaking the law in relation to all these clients.
We have to ask the hard question: Where is the regulator? Why does NAMFISA (Namibia Financial Institutions Supervisory Authority) allow this massive, systemic legal non-compliance to continue unchecked while vulnerable consumers lose out?
As consumers, we demand accountability. It’s time for Momentum and Metropolitan to obey the law, and it’s time for NAMFISA to do its job.
