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August 2026
Windhoek Observer
Namibia Financial Institutions Supervisory Authority (NAMFISA)stated thatnon-bank financial sector has grown to over N$552.8 billion in assets
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“Namibia's non-bank financial sector has grown to more than N$552.8 billion in assets, while the country's broader capital market ecosystem is estimated at about N$338.2 billion, highlighting the growing role of non-bank institutions in mobilising savings and financing economic activity, according to Imanuel Hawanga, general manager of capital markets at Namibia Financial Institutions Supervisory Authority (NAMFISA).”
Namibia Financial Institutions Supervisory Authority (NAMFISA)introducedthe Financial Institutions and Markets Act (FIMA) to modernize and consolidate financial laws
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“The Financial Institutions and Markets Act (FIMA) was introduced by the Namibian government and the Namibia Financial Institutions Supervisory Authority (NAMFISA) to modernize, consolidate, and harmonize outdated financial laws.”
NAMFISAremains committed toworking closely with financial institutions, consumers, and stakeholders for smooth implementation
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“NAMFISA remains committed to working closely with financial institutions, consumers, and stakeholders to ensure a smooth transition and successful implementation.”
Namibia Financial Institutions Supervisory Authorityfailed to developNamibian talent for senior positions
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“Seven companies have failed to develop Namibian talent for senior positions after not appointing qualified Namibian understudies to facilitate skills transfer from expatriates.”
Namfisais investigatingfinancial advisory firm that lost at least N$250 million
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“The Namibia Financial Institutions Supervisory Authority (Namfisa) is currently investigating the financial advisory firm that lost at least N$250 million of clients' savings.”
NAMFISAhas givenfund administrators 12 months to register under FIMA
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“The Namibia Financial Institutions Supervisory Authority (NAMFISA) has given administrators of pension funds, medical aid funds, and friendly societies 12 months to formally register under the Financial Institutions and Markets Act (FIMA), warning that those who fail to comply could face regulatory action.”
Namibia Financial Institutions Supervisory Authority (Namfisa)reported that the industry heldsufficient liquid investments to settle liabilities at quarter end
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“"The industry held sufficient liquid investments to settle its liabilities at the end of the quarter and it was considered financially sound as at 31 March," Namfisa says in its quarterly report.”
Namibia Financial Institutions Supervisory Authority (Namfisa)said that the industry maintainedall investments in domestic money market funds
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“Namfisa says the industry maintained all of its investments in domestic money market funds, with the total investment portfolio growing to N$3.0 million.”
Namibia's non-bank financial sector has grown to more than N$552.8 billion in assets, with collective investment schemes managing approximately N$123.4 billion by end of 2025, a 19.2% increase from the previous year. The sector highlights the growing role of non-bank institutions in mobilising savings and financing economic activity as the country seeks to deepen its capital markets.
Namibia's non-bank financial sector has grown to more than N$552.8 billion in assets, with collective investment schemes managing approximately N$123.4 billion by end of 2025, a 19.2% increase from the previous year. The sector highlights the growing role of non-bank institutions in mobilising savings and financing economic activity as the country seeks to deepen its capital markets.
Windhoek financial adviser Hanjo Schlabitz has offered to sell his house, an orphanage stake, cattle, and shares to compensate investors who lost N$250 million when his Wealth Management Solutions business collapsed in April after a forex trading platform failure. The offered assets total less than 5% of the amount lost, according to The Namibian.
Namibian investors can now invest in silver through the Namibia Securities Exchange via the NewWave Silver Exchange Traded Note, which allows them to benefit from silver price movements without physically owning silver. NSX chief executive notes that financial regulations have not kept pace with new investment products and need updating.
The Governor of the Bank of Namibia emphasized that success in the emerging oil and gas industry requires coordination among ministries, regulators, public institutions, financial institutions, energy companies, investors, and educational institutions. He noted that collaboration among regulators is particularly important because risks can spread across institutions and sectors, and that financial institutions must fully understand the sector to participate meaningfully.
Entrépo Finance, a microlender that relied on government payroll deductions for civil servants, has stopped granting new loans after the Ministry of Finance ended its payroll deduction management system in November. The company, 55.5% owned by Capricorn Group, has retrenched close to 20 employees and has not approved a new loan in more than six months, according to sources.
Namibia has begun implementing the Financial Institutions and Markets Act (FIMA), a consolidated regulatory framework designed to strengthen consumer protection, enhance financial stability, and modernize oversight of the non-banking financial sector by replacing several separate laws.
Since the Financial Institutions and Markets Act took effect in May 2026, concerns have arisen that Section 282(2) may unintentionally prevent thousands of pensioners from accessing affordable housing finance from their retirement funds. Industry experts worry the rule requiring a first mortgage bond for direct housing loans is hampering the consumer protection the Act was meant to provide.
Pension fund industry experts warn that Section 282(2) of Namibia's Financial Institutions and Markets Act, which took effect in May 2026, may prevent thousands of pensioners from accessing affordable housing finance from their retirement funds. A pension funds expert emphasised the concern applies specifically to direct housing loans granted by retirement funds themselves, distinct from the Government Institutions Pension Fund housing initiative.
The Employment Equity Commission found seven employers non-compliant with affirmative action provisions after they failed to groom qualified Namibians for senior positions and neglected to obtain required exemptions or approvals from the labour minister. The companies also failed to consult employees during the preparation and implementation of their affirmative action plans.
The Namibia Financial Institutions Supervisory Authority is investigating Wealth Management Solutions, owned by Hanjo Schlabitz, over losses of at least N$250 million belonging to clients, mostly pensioners and families. The liquidator estimates total losses may reach N$350 million, with 87 people and two organisations claiming as creditors, after Schlabitz allegedly used money market funds to cover failed foreign exchange investments.
The Namibia Financial Institutions Supervisory Authority has given administrators of pension funds, medical aid funds, and friendly societies 12 months to formally register under the Financial Institutions and Markets Act, which comes into force on 1 May 2026. Those who fail to comply could face regulatory action.
The implementation of Section 282 of the Financial Institutions and Markets Act, designed to strengthen retirement savings protection, is inadvertently creating barriers to housing loans from pension funds by imposing strict first mortgage bond requirements and causing delays for members seeking to finance home construction or purchase.
The Financial Institutions and Markets Act's first mortgage bond requirement for pension fund housing loans, effective May 2026, may block thousands of Namibians from accessing housing finance through their pensions. GIPF says its schemes remain operational, but a pension industry professional warns Section 282(2) could render loans inaccessible to members who previously qualified under the repealed 1956 Act, unless NAMFISA grants exemptions.
Wealth Management Solutions, a Windhoek financial advisory firm, has lost at least N$250 million belonging to pensioners and families through risky foreign investments; the owner allegedly paid out clients from other people's accounts to hide losses, and a liquidator estimates total losses could reach N$350 million.
Namibia's only active friendly society grew total assets to N$3.2 million in the first quarter of 2026, a 9.3% increase year-on-year, and remained financially sound despite higher liabilities, according to Namfisa's quarterly report.
Assets managed by Namibia's investment firms reached N$342.6 billion in the first quarter of 2026, up 1.3% from the previous quarter and 18.2% year-on-year, with pension funds accounting for 42.5% of total assets under management at N$145.5 billion.
Namibia's retirement fund industry grew during the first quarter of 2026, with total assets reaching N$301.9 billion, up 0.1% quarterly and 14.9% year-on-year, according to Namfisa's quarterly report. The Government Institutions Pension Fund continued to dominate, controlling 69.4% of total assets.
Namibians are taking fewer loans from microlenders, but the average loan size is increasing. According to Namfisa's latest quarterly report, the average term loan rose to N$25,620 and payday loans to N$4,030 in the first quarter of 2026, though the overall microlending loan book declined 3% to N$7.3 billion.
Capricorn Unit Trust Management Company holds the largest share of Namibia's collective investment schemes market with 35.5% of total assets, as of Q1 2026. The country's unit trusts hold N$126.5 billion in total assets, with the top three managers controlling 57.9% of assets under management.
Namibia's non-banking financial institutions registered 98 consumer complaints in the first quarter of 2026, with 91.8% successfully resolved, resulting in N$1.7 million in total compensation to consumers. The sector comprises 1,220 active entities, though 58.7% are fully compliant while 5.1% are non-compliant, with most non-compliance concentrated in microlending.
The Financial Institutions and Markets Act, 2021 has transformed the role of the Principal Officer in Namibia's retirement funds from an administrative contact to a central governance, compliance, and leadership position, now required to be an ex officio member of the fund's board and typically the chief executive officer or equivalent.
Namibia's financial regulators apply a uniform 30-33% debt-to-income ceiling to both housing and vehicle loans, treating appreciating property the same as depreciating cars. The article argues this blanket rule locks creditworthy Namibians out of homeownership despite the Bank of Namibia's recent move to allow 100% financing for first- and second-home purchases.
The Micro Lenders Association has rejected claims that it is responsible for trapping Namibians in debt, attributing high debt levels instead to weak savings practices, economic pressures, multiple credit sources, income constraints, and regulatory gaps. The association made its position known in a 15-page letter to parliament's standing committee on economics, which is examining whether the country's laws adequately protect civil servants against microlenders.
Parliament's Standing Committee on Economy and Industry held a public hearing to investigate whether existing laws adequately protect borrowers from exploitation by lending institutions and informal money lenders. Committee leaders said household debt is a serious concern among civil servants, some of whom take home very low net pay due to multiple loan deductions from their salaries.
The Namibian argues that commercial banks and financial regulators apply a uniform 30–33% debt-to-income affordability cap across all asset classes, treating appreciating homes and depreciating vehicles as equivalent credit risks and thereby blocking creditworthy Namibians from homeownership while enabling unsustainable car purchases.
A cancer patient's relatives allegedly took out multiple funeral policies on her life without her knowledge while neglecting her care and treatment costs; her sister was denied her own policy coverage, and the deceased's two children may not inherit from policies taken out in their mother's name.
Namibia had 224,078 people registered with medical aid in 2025, representing 7.41% of the total population. Dependants made up the majority of members at 50.25%, while pensioners comprised only 6.75% due to higher premiums and preference for government healthcare.
Members of parliament have called for stricter controls on microlenders' direct access to civil servants' salaries, arguing that such deductions worsen financial strain on public servants. The parliamentary economics committee heard concerns about excessive deductions and their effects on disposable income and mental health, with plans to meet with the Microlenders Association next week.
Ninety One Namibia and Sanlam Allianz Namibia plan to combine their active asset management businesses, operating under the Ninety One Namibia brand with a 15-year term, though the deal awaits shareholder and regulatory approvals including from the Namibia Competition Commission.
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.