Project Description
NAMIBIA FINANCIAL INSTITUTIONS SUPERVISORY AUTHORITY (NAMFISA)
INTRODUCTION TO NAMFISA
The Namibia Financial Institutions Supervisory Authority (NAMFISA) is an independent institution established by virtue of Act No. 3 of 2001 to regulate and supervise financial institutions in the financial services industry in the public interest, and fully funded by levies imposed on this industry.
Prior to the establishment of NAMFISA, a Directorate in the Ministry of Finance performed the function of supervision over the business of financial institutions. In terms of the NAMFISA Act, the functions of the Authority are to:
- Exercise supervision over the business of financial institution over financial services;
- Advise the Minister of Finance on matters related to financial institutions and financial services; and
- Supervise, monitor and enforce compliance with the Financial Intelligence Act, 2012 (Act No. 13 of 2012) in respect of all accountable and reporting institutions supervised by NAMFISA in terms of the NAMFISA Act.
NAMFISA established itself as a reputable Authority in this field, locally and internationally. Over the years, it has contributed to the stability of the financial sector of Namibia while protecting consumers of financial products and services.
NAMFISA has developed and maintained a strong, effective presence in the regulatory field, in Namibia and internationally, while working closely with its counterparts elsewhere in Africa to establish solid regulatory frameworks.
MISSION
NAMFISA’s mission is to effectively regulate and supervise financial institutions and to give sound advice to the Minister of Finance.
NAMFISA
Tel: +264 (61) 290 500
Toll Free Number: 0800 290 500
P. O. Box 21250, Windhoek
VISION
To have a safe, stable and fair financial system contributing to the economic development of Namibia in which consumers are protected.
VALUES
NAMFISA’s values are as follows:
- Teamwork
- Performance Excellence
- Service Excellence
- Accountability
- Integrity
- Agility
NAMFISA’S MANDATE
Core Function 1 – Supervision
To supervise the business of financial institutions and financial services
Core Function 2 – Advice
To advise the Minister of Finance on matters related to financial institutions and financial services.
Additional Function – Aml/Cft Supervision
To supervise, monitor and enforce compliance with the Financial Intelligence Act, 2012 (Act No. 12 of 2012) in respect of all accountable and reporting institutions supervised by NAMFISA in terms of the NAMFISA Act.
NAMFISA is committed to maintaining a high standard of corporate governance. The Authority prides itself as one of the entities that has embedded principles of good corporate governance as enshrined in the NAMCODE and King report at large. Due to its pursuit for highest standard of ethical and corporate governance, the Authority has scooped an award of best annual report for the past 8 years consecutively and remains the preferred benchmark by fellow regulators from the SADC region.
The Authority has embarked on a journey of regulatory and supervisory reform with particular emphasis on modernising the current laws and regulations to keep abreast with best practices in the Non-Banking Financial Institutions (NBFI) regulatory and supervisory sphere. This reform will enable the Authority to implement a Risk Based Approach to supervision which will ensure better utilisation of its limited resources, and focus on the key risks pertaining to the sector.
The Authority has further reviewed its policies, processes and procedures with a view to attaining operational efficiency. Our service level commitment to the consumers in relation to the services the Authority offers has been reviewed and improved, and continuous improvement is expected through regular monitoring and evaluation. NAMFISA has reviewed its funding model to reflect the cost of regulation and supervision. The review of the funding model was extensively consulted upon with all the stakeholders and the policy maker. To this end, the Authority will be reviewing its funding model on a five year interval via the same consultative process with the stakeholders.
Prudent utilization of resources has yield a positive impact to the sustainability the regulator. This positive impact is as a result of improved operational efficiency emanating from the business processes re-engineering. that was undertaken and continues to be pursued. In order to better execute on its mandate as enshrined in the legislative reform, NAMFISA has thus reviewed its organisational structure by developing two streams viz. prudential supervision and market conduct respectively.
CONSUMER EDUCATION
“Our consumer education initiatives can help consumers make sensible decisions, promote the use of financial services to those who currently don’t use them and protect the consumers from undue influences”.
To know more, visit: https://educates.namfisa.com.na
