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.

While Members of Parliament welcomed Namibia's removal from the Financial Action Task Force grey list, some lawmakers questioned whether international financial standards leave enough room for countries to determine their own priorities.

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.

President Netumbo Nandi-Ndaitwah has called on the Bank of Namibia and the Ministry of Finance to release regulations ensuring that fees and charges by commercial banks serve the public interest.

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 European Commission has added Namibia to the EU's Updated List of High-Risk Jurisdictions for Financial Crime Monitoring.