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 Namibia Deposit Guarantee Authority (NDGA) is currently conducting stakeholder engagements in the ||Kharas Region.

The NDGA aims to protect depositors from the loss of their deposits by compensating them in the unlikely event of a commercial bank failure.

The scheme also safeguards against panic withdrawals by assuring depositors of the safety of their deposits.

The Namibia Deposit Guarantee Authority (NDGA) launched its three year strategic plan, covering 2023 to 2025 in Windhoek. 

The strategic plan will ensure effective collaboration among stakeholders and continuous public engagement. 

The Namibia Deposit Guarantee Authority aims to protect small depositors from losing their savings, by compensating them in the event of a commercial bank failure. 

Since its inception in 2020, the Namibia Deposit Guarantee Authority (NDGA) has grown in value to the point where it can cover payments to 1,3 million small depositors, for a total amount of N$25,000 each, in the case of a financial institution going bankrupt.

Using that formula, the NDGA says it is satisfied that it would cover 90% of depositors.

The organization's head, Florette Nakusera, announced this at the launch of the NDGA's annual report and strategic plan in Windhoek.