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 Namibia Financial Institutions Supervisory Authority (NAMFISA) has reiterated that no microlender is allowed to confiscate or withhold borrowers' bank cards, PIN codes, or original identification documents.
The Namibia Financial Institutions Supervisory Authority (Namfisa) has received public and industry input on supplementary legislation to the Financial Institutions and Markets Act (FIMA) and feedback on this will be communicated during the last quarter of this year.
The Non-banking financial sector assets have grown by 14% despite an economic downturn, which translates to N$370 billion as of December 2021.
