The implementation of the Financial Institutions and Markets Act, FIMA, has brought changes to Namibia's financial regulatory framework, including the regulation of medical aid funds.

The National Assembly Parliamentary Standing Committee on Economy and Industry, Public Administration, and Planning held a public hearing on a motion looking at whether the existing laws are protecting Namibians from exploitation by lending institutions and informal money lenders.
 

The Financial Institutions and Markets Act (FIMA) officially came into effect on the 1st of May.

Kenneth Matomola, the Chief Executive Officer of Namibia Financial Institutions Supervisory Authority (NAMFISA), made the announcement today. 

The Namibia Financial Institutions Supervisory Authority (Namfisa) has cautioned the public against unregistered micro-lenders who continue to engage in illegal practices such as confiscating clients’ identity documents.

The Namibia Financial Institutions Supervisory Authority (NAMFISA) has launched the annual Fintech Square campaign aimed at promoting innovation and dialogue among creators, investors and industry leaders.

The Chief Executive Officer of the Namibia Financial Institutions Supervisory Authority (NAMFISA) has called for the urgent implementation of the Financial Institutions and Markets Act (FIMA).

The Namibia Financial Institutions Supervisory Authority (NAMFISA) recovered over N$2.7 million for consumers in the non-banking financial sector during the third quarter of 2024, resolving complaints swiftly and effectively.

The Namibia Financial Institutions Supervisory Authority (NAMFISA) has made revenue amounting to N$279,5 million with expenditure of N$254,7 million during the 2023/2024 posting profit of N$24 million. 

The Financial Instituations and Market Act (FIMA) has the potential to create and govern retirement and medical aid funds and their administrators, short- and long-term insurers, investment schemes, and asset management, amongst others.

The Chief Executive Officer of the Namibia Financial Institutions Supervisory Authority (Namfisa), Kenneth Matomola, has raised concerns regarding the current regulatory framework, saying it hampers Namfisa’s ability to fulfil its mandate.