NAMIBIA FINANCIAL INSTITUTIONS SUPERVISORY AUTHORITY (NAMFISA) 2021-08-31T09:45:19+00:00

Project Description

NAMFISA

Tel: +264 (61) 290 500

Toll Free Number:  0800 290 500

P. O. Box 21250, Windhoek

www.namfisa.com.na

OUR MANDATE
The Namibia Financial Institutions Supervisory Authority (NAMFISA) exists to supervise financial institutions and financial services and to advise t he Minister of Finance on matters relating to financial institutions and financial services in terms of t he Namibia Financial Institutions Supervisory Authority Act, 2001 (Act No. 3 of 2001).

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.