Key points drawn from coverage. Tap a point to see the original sentence.
May 2026
Informanté
Namibia Financial Institutions Supervisory Authority (NAMFISA)confirmedtwo key pieces of legislation became operational on 1 May 2026
Source
“In a statement issued, Namibia Financial Institutions Supervisory Authority (NAMFISA) confirmed that the two key pieces of legislation became operational following determinations by the Minister of Finance published in the Government Gazette.”
Namibia Financial Institutions Supervisory Authorityreleasedthe April 2026 Financial Stability Report outlining conditions across the system
Source
“The Bank of Namibia (BoN) and Namibia Financial Institutions Supervisory Authority (Namfisa) released the April 2026 Financial Stability Report outlining conditions across the system.”
Namibia Financial Institutions Supervisory Authority (NAMFISA)has initiated engagements withNamibia Health Plan to understand the fund's claims backlog
Source
“THE Namibia Financial Institutions Supervisory Authority (NAMFISA) has announced that it has initiated engagements with the Namibia Health Plan (NHP) to gain a better understanding of the fund's claims backlog, which has been affecting members in recent weeks.”
Namfisahas initiated urgent engagements withthe Namibia Health Plan to investigate facts and address stakeholder concerns
Source
“Namfisa has initiated urgent engagements with the Namibia Health Plan to investigate facts and address stakeholder concerns about the fund's direct claim settlement process.”
Namibia Financial Institutions Supervisory Authority (Namfisa)employsVictoria Raimond as corporate communications and consumer education manager
Source
“Raimond is currently the corporate communications and consumer education manager at the Namibia Financial Institutions Supervisory Authority (Namfisa).”
Namibia Financial Institutions Supervisory Authorityreleasedfourth quarter report on medical aid industry
Source
“According to the Namibia Financial Institutions Supervisory Authority fourth quarter report, the industry's assets were sufficient to settle its liabilities, with reserves also growing.”
Namibia Financial Institutions Supervisory Authorityreleased data showingNBFI sector surged past N$552 billion in total assets
Source
“Namibia's non-banking financial institutions (NBFI) sector has surged past the N$552 billion mark in total assets, underpinned by robust investment performance and sustained demand for financial services, according to the latest data released by the Namibia Financial Institutions Supervisory Authority (Namfisa).”
Namibia Financial Institutions Supervisory Authority (Namfisa)recorded3% quarterly decline and 6.5% yearly decline in microlending sector
Source
“According to the latest industry figures by the Namibia Financial Institutions Supervisory Authority (Namfisa), in the last quarter of 2025 (November to December) the microlending sector recorded a 3% quarterly decline and a 6.5% yearly decline.”
Namibia Financial Institutions Supervisory Authorityexists to supervisefinancial institutions and financial services
Source
“The Namibia Financial Institutions Supervisory Authority exists to supervise financial institutions and financial services, and to advise the minister of finance on matters relating to financial institutions and financial services in terms of the Namibia Financial Institutions Supervisory Authority Act, 2001 (No. 3 of 2001).”
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.
The Supreme Court has ordered Namfisa to pay N$35.1 million to the liquidator of insolvent company Prowealth Asset Management, to be distributed to investors who lost money entrusted to the company about two decades ago. The order follows a November finding that Namfisa was liable for losses suffered by approximately 87 investors due to insufficient regulatory oversight from August 2005 until the company collapsed in December 2008.
The Supreme Court has ordered the Namibia Financial Institutions Supervisory Authority (Namfisa) to pay N$35 million to the liquidator of Prowealth Asset Management, which collapsed after its director stole about N$75 million from more than 70 investors. The ruling follows a November 2025 finding that Namfisa could be held liable for breaching its duty of care in failing to properly supervise the fraudulent asset manager.
The Namibia Financial Institutions Supervisory Authority has appointed Josef Kasera as manager for business systems and services. With over a decade of ICT and digital innovation experience, Kasera holds qualifications in information technology management and computer science, and will work on strengthening enterprise systems and digital transformation in support of the authority's regulatory mandate.
Namibia maintains second place in Southern Africa's startup ecosystem rankings after South Africa, ranking 94th globally and 10th in Africa according to the 2026 StartupBlink Global Startup Ecosystem Index, though it dropped nine places globally from 2025 despite recording 8.2% ecosystem growth.
Wealth Management Solutions, a Windhoek financial advisory firm, has applied for voluntary liquidation after losing money in foreign exchange trading, with clients fearing millions in losses. The firm collected funds from Namibian investors and pensioners for forex investments and had placed N$17 million with IJG Securities, which says those funds are safe.
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 Namibia Financial Institutions Supervisory Authority (Namfisa) has announced appointments of Diana Katjiuongua as head of strategy and projects (effective 1 April), Matheus Iiyambula as FinTech specialist (effective 1 March), and one other senior official to strengthen its strategy, technology and financial innovation functions.
Household debt in Namibia stood at 30.7% of GDP in 2024, the second-lowest in the Common Monetary Area after Lesotho's 17.2%, according to the Bank of Namibia's financial stability report. Despite N$130 billion owed overall, the central bank notes the low ratio suggests contained indebtedness, though continued monitoring is important given subdued income growth.
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.
Pension and retirement funds must now pay interest to members if benefits are not transferred within 60 days of request, under regulations from the Financial Institutions and Markets Act 2021 that came into effect on 1 May. Employers must also pay retirement contributions on time or face interest charges, with both employers and their directors liable for unpaid contributions.
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 Bank of Namibia and Namfisa's April 2026 Financial Stability Report found the financial system remained stable in 2025, though external shocks, cyber threats and closer ties between government and the financial sector pose ongoing risks. The banking sector showed strong capital and liquidity, with the non-performing loan ratio declining to 4.3%, and Namibia addressed all 13 anti-money laundering deficiencies identified by the Financial Action Task Force.
The Ministry of Health and Social Services has urged 83,048 beneficiaries of the Namibia Health Plan to access dental care at public health facilities after dentists affiliated with the Namibia Dental Association halted services, citing payment claim delays. The government assured patients would not be turned away, while Namfisa said it was urgently assessing the situation.
NAMFISA has initiated engagement with the Namibia Health Plan to understand a claims backlog affecting members, following suspensions by healthcare providers including the Namibia Dental Association and Psychological Association of Namibia. NHP attributed the disruption to its administrative transition to Universal, which caused delays in claims processing and payments.
Namibia's financial regulator Namfisa has initiated urgent engagements with the Namibia Health Plan to investigate concerns about the fund's direct claim settlement process, saying it will provide further clarity by Thursday.
Namibia faces a US$15 billion climate finance gap to meet its 2030 climate commitments, with only about US$1.5 billion expected from domestic sources, leaving roughly 90% dependent on external funding. Policymakers and financial institutions say the country must develop credible, investment-ready frameworks and bankable projects to attract private capital, particularly for adaptation and decarbonisation efforts in carbon-intensive sectors.
Victoria Raimond, corporate communications manager at Namfisa, has been selected to serve on the executive committee of the Public Relations Institute of Southern Africa (Prisa) Namibia. Raimond says the position provides a platform to advance professional development and ethical communication practices in the country.
The Office of the Attorney General has appointed Ndateelela Shilongo-Alexander as substantive government attorney, effective immediately. Shilongo-Alexander, a former director at law firm Sisa Namandje & Co., is an admitted High Court practitioner with over a decade of experience in civil litigation, labour law, administrative law and commercial law.
Namibia's medical aid industry recorded N$293.6 million in profit over three months, with the market dominated by three companies holding 82.5% of assets. Total industry membership grew to 224,078 beneficiaries as at 31 December 2025, driven by increases in non-pensioner members.
Namibia's non-banking financial institutions have grown total assets to N$552 billion, reflecting 4.7% quarterly and 16.6% year-on-year expansion driven by strong investment performance, according to Namfisa data. Consumer complaints declined to 90 during the quarter, resulting in N$1.7 million in compensation payouts.
The Namibian Financial Institutions Supervisory Authority reports that Namibian microlenders lost about N$200 million in three months after the Ministry of Finance discontinued the Payroll Deduction Management System, reducing total consumer debt to N$7.5 billion. Term-loan disbursements fell 73.5%, though the number of borrowers increased 16.3% and payday lending rose 11%.
Namibia's Financial Institutions Supervisory Authority has clarified that existing commutation rules for retirement benefits will remain unchanged when the Financial Institutions and Markets Act commences. The clarification confirms that pension, retirement annuity, and preservation funds retain one-third cash entitlements at retirement, while provident funds maintain 100% lump-sum entitlements under current tax law.
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 Bank of Namibia and the Namibia Financial Institutions Supervisory Authority have signed an updated Memorandum of Agreement to strengthen cooperation in regulating Namibia's financial sector. The framework enables information sharing, joint supervision, joint investigations, and coordination on emerging risks and financial technology matters.
The Bank of Namibia and the Namibia Financial Institutions Supervisory Authority have signed an updated agreement to improve cooperation in regulating and supervising the financial sector, including joint supervision, information sharing, and support for fintech development. The partnership aims to safeguard financial stability, protect consumers, and align Namibia with international standards.
The Bank of Namibia and NAMFISA have signed an updated Memorandum of Agreement to strengthen cooperation in regulating the financial sector, establishing a system for information sharing, joint inspections, and risk monitoring. The deal includes creation of a technical working group to support responsible growth of financial technology in Namibia.
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.