The Non-banking financial sector assets have grown by 14% despite an economic downturn, which translates to N$370 billion as of December 2021.

The Chief Executive Officer of the Namibia Financial Institutions Supervisory Authority (Namfisa), Kenneth Matomola, revealed this during the launch of its 2022 annual report.

Matomola says the increase in the total of the sector's assets was due to improved performance in the equity markets and does not pose risk to the financial system.

Namfisa was also able to resolve 94.9% of the 782 complaints received, recovering about N$11 million, which was repaid to 180 complainants.

The complaints resolved were in microlending, long and short-term insurance, and pension funds.

Namfisa also celebrated the achievement of an above-target of 74% of the initial 60% of its strategic performance measures in the final year of implementation.

The previous five-year financial plan achieved milestones such as regulatory certification programs, a return on investment framework, electronic content management, and new collection mechanisms.

The new strategic plan for the next five years will focus on three themes: operational efficiency, stakeholder engagement, and innovation.