The implementation of the Financial Institutions and Markets Act (Fima) on 1 May marked a significant step in modernising the regulation of Namibia’s non-banking financial sector. …
… The regulator further highlighted that the Financial Institutions and Markets Act (Fima) significantly strengthens consumer protection within Namibia’s non-bank financial sector by giving Namfisa broader powers to supervise institutions, investigate misconduct, impose sanctions a …
… Similarly, the Financial Institutions and Markets Act (2021), particularly chapter 5 dealing with retirement funds, imposes clear duties on boards to act honestly and with due care, skill and diligence in managing fund affairs, thereby reinforcing the same underlying obligation, …
Finance minister Ericah Shafudah says the new Financial Institutions and Markets Act (Fima) will benefit citizens, businesses and investors – while allowing the government to strengthen oversight and improve economic planning. …
Staff Reporter THE Namibian Minister of Finance and Public Enterprises, Ericah Shafudah, has launched the Financial Institutions and Markets Act (FIMA), defining a reforming moment in the regulations that shape Namibia’s financial sector. …
Patience Makwele The Namibia Health Plan (NHP) says it remains committed to complying with the Financial Institutions and Markets Act (Fima) while stabilising operations following challenges linked to its transition to a new managed care service provider. …
Namibia Financial Institutions Supervisory Authority (Namfisa) Chief Executive Officer, Kenneth Matomola, has announced that the Financial Institutions and Markets Act (FIMA) and the Namfisa Act came into operation on 01 May 2026. …
Staff Reporter NAMIBIA has taken a major step in reforming its financial sector, with the Financial Institutions and Markets Act (FIMA) and the NAMFISA Act officially coming into force on 1 May 2026, introducing a strengthened regulatory framework aimed at enhancing consumer prot …
BREAKING| The Financial Institutions and Markets Act (Fima) has come into operation on 1 May 2026.Finance minister Ericah Shafudah announced the commencement in a government gazette issued on 30 April.The gazette states that some provisions of the act have been excluded from the …
Finance minister Ericah Shafudah said the implementation of the Financial Institutions and Markets Act on 1 May marked a significant step in modernising the regulation of Namibia's non-banking financial sector. The act, passed in 2021 alongside the Namfisa Act, establishes a modern regulatory framework designed to strengthen oversight of financial institutions, improve market confidence and support sustainable growth, with over 150 regulations and standards developed through stakeholder consultations between 2021 and 2025.
Why it matters
Implementation of Financial Institutions and Markets Act modernises Namibia's non-banking financial sector regulation and strengthens market oversight.
Finance minister Ericah Shafudah said the implementation of the Financial Institutions and Markets Act on 1 May marked a significant step in modernising the regulation of Namibia's non-banking financial sector. The act, passed in 2021 alongside the Namfisa Act, establishes a modern regulatory framework designed to strengthen oversight of financial institutions, improve market confidence and support sustainable growth, with over 150 regulations and standards developed through stakeholder consultations between 2021 and 2025.
Namibia's proposed consumer credit bill, which aims to overhaul the consumer credit industry and protect borrowers, has completed public consultation and is now undergoing final review by Namfisa before resubmission to the finance minister. The legislation introduces stricter affordability assessments, improved disclosure requirements, stronger consumer protections, and tighter regulation of credit providers, while repealing three existing laws.
An opinion piece examines how the phrase "in the best interest of members" has become a standard justification in pension fund governance but is rarely rigorously examined, risking use as a convenient conclusion rather than a guiding principle rooted in fiduciary duty and legal obligation.
Finance Minister Ericah Shafudah says the Financial Institutions and Markets Act (Fima), which came into force on 1 May, will benefit citizens, businesses and investors while strengthening government oversight and modernizing the legal framework for financial institutions. Shafudah stated the act aims to ensure financial stability, financial inclusion and consumer protection.
The Namibian Minister of Finance and Public Enterprises, Ericah Shafudah, launched the Financial Institutions and Markets Act (FIMA) on 1 May 2026, consolidating regulations for Namibia's non-bank financial sector. The minister announced that the mandatory freezing or preservation of 75% of pension funds upon resignation has been put on hold following public concerns.
The Namibia Health Plan says it remains committed to complying with the Financial Institutions and Markets Act while stabilising operations following challenges linked to its transition to a new managed care service provider that began on 1 April 2026. The transition has caused disruptions to claims processing and administrative delays affecting some healthcare providers and employer groups.
Namfisa CEO Kenneth Matomola announced that the Financial Institutions and Markets Act (FIMA) and the Namfisa Act came into operation on 1 May 2026 to modernise regulation of the non-banking financial sector. Matomola stated that existing pension commutation rules remain unchanged and that pension preservation regulations are on hold pending further review.
Namibia's Financial Institutions and Markets Act (FIMA) and NAMFISA Act became operational on 1 May 2026, consolidating previously fragmented laws into a single regulatory framework governing non-banking financial institutions, insurance, retirement funds, medical aid funds, and financial markets. NAMFISA said the implementation marks a transition from legislation to active enforcement, with focus on strengthening consumer protection and financial stability.
The Financial Institutions and Markets Act (Fima) came into operation on 1 May 2026, as announced by Finance Minister Ericah Shafudah in a government gazette issued on 30 April. Some provisions of the act have been excluded from the commencement.
The Namibia Financial Institutions Supervisory Authority has confirmed that lump sum cash entitlements on retirement will remain unchanged when the Financial Institutions and Markets Act is implemented, addressing concerns raised by the retirement fund industry.
The Namibia Financial Institutions Supervisory Authority (Namfisa) has advised the finance minister to exempt a clause in the Financial Institutions and Markets Act (Fima) that would have forced all retirement fund members to annuitise their benefits. Workers will continue to receive one-third of their retirement benefits tax-free as a lump sum, though the government's long-term policy aims to move Namibia toward full annuities in line with International Labour Organisation standards.
Namibian pension funds are seeking clarity on how the Financial Institutions and Markets Act (Fima) will affect retirement payouts, with a leaked memo suggesting the act could prohibit members from taking their full savings as a single cash payment and instead require monthly annuity payments. Industry players and Namfisa are meeting to discuss the interpretation of the new law and its potential consequences for retirees.