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).

Kenneth Matomola says FIMA provides a comprehensive framework covering prudential supervision and market conduct, which will enhance the regulator’s ability to manage risks through effective, risk-based supervision and consumer protection.

Speaking during NAMFISA’s release of its first-quarter statistical report for 2025, Matomola emphasised that the legislation is vital in addressing regulatory gaps and emerging risks in the non-banking financial sector.

FIMA, which is yet to come into effect, is expected to be operational soon. NAMFISA is currently consulting stakeholders on draft regulations and standards necessary for its implementation.

Matomola also underscored the importance of financial adjudication, describing it as a critical regulatory priority.

“As we are now, we do our bit in terms of inadequate regulations to try and address some of these grievances. But if we can be aided by adequate legislative instruments such as the consumer financial services adjudicator, where the consumers can complain free of charge—because now, if they don’t get joy from us due to inadequacies of legislation, they now have to be pushed, which can be a protracted issue and also costly.”

He further noted that although the new NAMFISA Act has been passed, it cannot be implemented independently without the Financial Institutions and Markets Act coming into effect.

Once enacted, FIMA will replace existing legislation and regulate a broad range of financial institutions, including insurers, retirement funds, and medical aid funds.