The Namibia Deposit Guarantee Authority (NDGA) has unveiled its fourth annual report for the year ended December 31, 2023. 

The report revealed the NDGA's adherence to the Deposit Guarantee Act, showcasing its governance, operations, and the performance of its Deposit Guarantee Scheme. 

Notably, the Fund's market value soared to N$23.1 million by the close of December 2023, reflecting a surge in growth bolstered by premiums from member institutions and strategic investments in a favourable interest environment.

The NDGA, established to administer the Deposit Guarantee Scheme, aims to protect depositors from potential losses in the event of a bank failure. 

With a guaranteed coverage limit of N$25,000 in place, the scheme covers over 90% of current depositors, ensuring access to funds within a specified timeframe, post-failure, and discouraging panic withdrawals that could trigger a financial crisis.

The NDGA Board Chairperson, Ebson Uanguta, expressed satisfaction with the NDGA's progress under the first year of the Strategic Plan from 2023–2025, attributing success to sustained dedication and commitment. 

The NDGA's transparent governance practices and solid financial standing, as evidenced in the audited financial statements, underscored the authority's resilience in navigating economic headwinds.