NAMFISA receives public and industry input on supplementary legislation to FIMA

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.

Speaking at the Legislative and Supervisory Reform conference in Swakopmund, Namfisa's CEO, Kenneth Matomola, says that to ensure Namibia's financial system is stable and sound, transformation is necessary from outdated legislative frameworks, which are a challenge to regulation and supervisory.

Non-banking financial sector assets grow by 14% despite economic downturn

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.