{"id":1222,"date":"2017-03-28T12:39:33","date_gmt":"2017-03-28T10:39:33","guid":{"rendered":"https:\/\/www.namfisa.com.na\/educates\/?post_type=right_responsibility&p=1222"},"modified":"2025-07-18T10:07:33","modified_gmt":"2025-07-18T08:07:33","slug":"namfisa-past-present","status":"publish","type":"post","link":"https:\/\/www.namfisa.com.na\/educates\/namfisa-past-present\/","title":{"rendered":"NAMFISA: Past, Present"},"content":{"rendered":"\t\t
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NAMFISA's Purpose, Achievements & Future Outlook<\/h3><\/span><\/div>
As identified in our mission\nstatement, NAMFISA\u2019s aim\nis to effectively regulate and\nsupervise financial institutions in\nNamibia. Furthermore, our vision is to\nbe a respected regulator of the financial\nservices sector that fosters a stable and\nsafe financial system contributing to\nthe economic development of Namibia.\n

\n\nKey Responsibilities\nNAMFISA is tasked with:\n
\n- Supervising and regulating the financial services industry\n
\n- Advising the Minister of Finance on related matters\n
\n- Promoting consumer protection\n
\n- Driving financial literacy through its Consumer Education Strategy<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Achievements Over the Past 15 Years<\/h5><\/span><\/div>
NAMFISA During the Past 15 Years?<\/strong>
\nTo appreciate humble gains attained at the Authority, it is important to go back in time to contextualise the background and previous state of affairs.

\n\nAs evident in continual negative reporting some years ago, the public and media perception of NAMFISA<\/strong> was very poor.
\nRelationships with the Board and Minister of Finance were not sound.
\nStaff were disgruntled and motivation was low.
\nSupervisory activities were low and non-existent for some sectors.

\n\nWith such a tarnished image, it was very difficult to attract and retain skilled and competent employees.

\n\nBut thanks to the three-year rolling transformation strategy<\/strong> which commenced in 2013 \u2014 along with hard work, perseverance, commitment, and support from various stakeholders \u2014 today a completely different picture can be seen at NAMFISA<\/strong>.
\n\nSome regard this as phenomenal transformation<\/strong>.
\n\n\nOnce viewed as underperforming, NAMFISA has undergone a remarkable transformation since 2013, guided by a strategic reform process. Key highlights include:\n
\n- Organisational Excellence\n
\n- Regulatory & Supervisory Milestones\n
\n- Publications & Public Engagement\n
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Best Annual Reports in Namibia<\/h5><\/div>
\nFor two consecutive years (2013<\/strong> and 2014<\/strong>), NAMFISA\u2019s annual reports<\/strong> were rated the best in the country.
\n(PMR.africa \u2013 1st place, Diamond Arrow Award<\/strong> \u2013 i.e., Outstanding)

\n\nBest company\/institution demonstrating exceptional management and corporate governance<\/strong> in Namibia in 2014
\n(PMR.africa \u2013 1st place, Diamond Arrow Award<\/strong> \u2013 i.e., Outstanding).
\nThis is a tremendous improvement from the previous classification of \u201cworst managed SOE.\u201d<\/strong>

\n\nIn 2015<\/strong>, NAMFISA received an International Quality Award<\/strong>.
\nThe Authority was one of only 30 entities from across the globe to receive this award at a ceremony held in Paris, France.
\nThe award was conferred in recognition of the Authority\u2019s commitment to quality and service excellence<\/strong>.

\n\nAn independent survey conducted in 2014<\/strong> by NaMedia (Namibia Media Monitoring)<\/strong> revealed that NAMFISA\u2019s profile in the media had shifted from negative to positive.
\nStatistics indicated that 70% of media reporting<\/strong> about the Authority was positive.

\n\nThe situation has turned around significantly, with the Authority now being regarded as one of the most sought-after employers<\/strong> in the country.
\nNAMFISA has successfully attracted and retained highly skilled employees<\/strong>.

\n\nAmong these, the Authority has recruited:
\n\u2022 11 admitted legal practitioners<\/strong>
\n\u2022 4 Chartered Accountants (CA)<\/strong>
\n\u2022 Over 24 employees with Master\u2019s Degrees<\/strong>

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Achievements<\/h5><\/span><\/div>
Key Achievements and Progress<\/strong>

\n\n\u2022 The introduction and regularisation of on-site inspections<\/strong> of regulated entities

\n\n\u2022 Zero tolerance for non-compliance:<\/strong>\nHundreds of licence cancellations and millions in penalties\/fines imposed by the Authority

\n\n\u2022 Service excellence commitments:<\/strong>\nIntroduction of service level commitments issued to regulated entities

\n\n\u2022 Amendment to the Unit Trust Control Act<\/strong> to strengthen the legislative framework (drafted and finalised)

\n\n\u2022 Amendment to the Pension Funds Act<\/strong> to:
\n\u2003\u2013 Allow for unlisted investments
\n\u2003\u2013 Enable granting of loans for acquiring properties in unproclaimed areas

\n\n\u2022 Revised Regulations 15, 28, and 29<\/strong> issued under the Long Term Insurance Act and Pension Funds Act, respectively

\n\n\u2022 Introduction of the Electronic Regulatory System (ERS)<\/strong> to improve operational efficiency

\n\n\u2022 Drafted the NAMFISA and FIM Bills<\/strong> after extensive market consultation\n\u2003\u2013 Submitted to the Minister of Finance\n\u2003\u2013 Currently with Government legal drafters in the Ministry of Justice

\n\nEnhanced Productivity and Intellectual Capacity<\/strong>

\n\n\u2022 In addition to timely and best-rated annual reports, the Authority now issues:
\n\u2003\u2013 Quarterly Statistical Bulletins<\/strong>
\n\u2003\u2013 Quarterly Consumer Education Bulletins<\/strong>
\n\u2003\u2013 Quarterly Regulatory Reform Newsletters<\/strong>

\n\n\u2022 During the past year:
\n\u2003\u2013 Drafted, obtained ministerial approval, and completed consultations<\/strong> for the Micro-Lending and Financial Services Adjudicator Bills

\n\n\u2022 Over the past 12 months:
\n\u2003\u2013 Drafted 86 regulations and standards<\/strong>
\n\u2003\u2013 Underwent expert review processes\n\u2003\u2013 Some are now distributed in affected industries for inputs and consultation
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\n\u2022 On average, the Authority receives more than 50 complaints monthly<\/strong> and resolves over 95%<\/strong> of them
\n\n\u2022 The Authority developed and introduced Regulation 29<\/strong>.
\nWe are proud to say that NAMFISA is the only regulatory and supervisory Authority globally<\/strong> that has developed a framework for pension fund investments in unlisted investments<\/strong>
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Complaint Resolution and Innovative Regulatory Framework<\/h5><\/span><\/div>
Of course there will be teething challenges as we spread our regulatory mandate in wider sections of the economy.
\nHowever, these glitches and occasional gaps are altered and amended as they occur.
\nDespite the challenges, all Namibians should be proud of the fact that we are the world\u2019s pioneer in this area<\/strong>.

\n\nThe Authority has moved from a lowly regarded regulator to a highly regarded one.
\nThis is evident in the following:

\n\n\u2022 Regulators in the SADC region continually send their staff for attachment to NAMFISA<\/strong>;
\n\u2022 Client satisfaction surveys conducted on behalf of the Authority by an independent research company revealed more than 70% satisfaction rate<\/strong> of regulated entities with respect to on-site inspections and industry forums;
\n\u2022 Client satisfaction surveys also revealed more than 80% satisfaction rate<\/strong> with respect to complaints resolution.

\n\nEven with the successes recorded, there is still a lot more to be done.
\nHowever, this is only possible with the continued support of all our stakeholders.
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What Were the Challenges that NAMFISA Faced in the Past 15 Years?<\/h5><\/div>
NAMFISA\u2019s environment is extremely complex and challenging.<\/strong> However, our role as a regulator is exciting and provides an opportunity to strengthen the nation.

\n\nThe job is challenging due to a number of factors including:

\n\n\u2022 Rapidly changing environment<\/strong> (market and international regulatory practices);
\n\u2022 Large work volume<\/strong> (9 sectors, more than 3,500 registered entities);
\n\u2022 Striking a balance between implementing current legislation whilst working on future legislation<\/strong> (several bills);
\n\u2022 Dealing with a multitude of consumer complaints<\/strong> stemming from a combination of limited literacy and some service providers\u2019 limited orientation to treat customers fairly;
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What Were the Challenges that NAMFISA Faced in the Past 15 Years?<\/h5><\/div>
\n\nNAMFISA\u2019s environment is extremely complex and challenging.<\/strong> However, our role as a regulator is exciting and provides an opportunity to strengthen the nation.

\n\nThe job is challenging due to a number of factors including:

\n\n\u2022 Rapidly changing environment (market and international regulatory practices);
\n\u2022 Large work volume (9 sectors, more than 3500 registered entities);
\n\u2022 Striking a balance between implementing current legislation whilst working on future legislation (several bills);
\n\u2022 Dealing with a multitude of consumer complaints stemming from a combination of limited literacy and some service providers\u2019 limited orientation to treat customers fairly;
\n\u2022 Authority\u2019s on-going transformation;
\n\u2022 High litigation risks;
\n\u2022 Fending off those that are not satisfied with the Registrar\u2019s decisions;
\n\u2022 Striking delicate balance between the imperative for consumer protection in Namibia and participation by previously disadvantaged Namibians in the financial services sector.
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What Are the Responsibilities of NAMFISA?<\/h5><\/div>
\nTo regulate and supervise Namibia\u2019s financial services sector and to advise the Minister of Finance on related matters.
\nAdditionally, we are responsible for consumer protection<\/strong> and for ensuring that our consumers are financially literate<\/strong>, hence our Consumer Education strategy.

\n\nWhat Can the Namibian Society Expect from NAMFISA in the Future?<\/strong>

\n\nThe envisaged promulgation of the NAMFISA, FIM, FSA and Micro Lending Bills<\/strong> can assist to achieve the objectives of the Financial Sector Strategy which are:

\n\n\u2022 A deepened, efficient and developed financial system<\/strong>;
\n\u2022 Respected, world class and effective regulators<\/strong>;
\n\u2022 A stable, well-regulated and competitive financial sector<\/strong>;
\n\u2022 Significant local ownership<\/strong> of financial institutions;
\n\u2022 An inclusive financial sector<\/strong>; and
\n\u2022 Financially literate and protected consumers<\/strong> of financial services and products.
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NAMFISA's Purpose, Achievements & Future Outlook As identified in our mission statement, NAMFISA\u2019s aim is to effectively regulate and supervise financial institutions in Namibia. Furthermore, our vision is to be<\/p>\n","protected":false},"author":1,"featured_media":1223,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_EventAllDay":false,"_EventTimezone":"","_EventStartDate":"","_EventEndDate":"","_EventStartDateUTC":"","_EventEndDateUTC":"","_EventShowMap":false,"_EventShowMapLink":false,"_EventURL":"","_EventCost":"","_EventCostDescription":"","_EventCurrencySymbol":"","_EventCurrencyCode":"","_EventCurrencyPosition":"","_EventDateTimeSeparator":"","_EventTimeRangeSeparator":"","_EventOrganizerID":[],"_EventVenueID":[],"_OrganizerEmail":"","_OrganizerPhone":"","_OrganizerWebsite":"","_VenueAddress":"","_VenueCity":"","_VenueCountry":"","_VenueProvince":"","_VenueState":"","_VenueZip":"","_VenuePhone":"","_VenueURL":"","_VenueStateProvince":"","_VenueLat":"","_VenueLng":"","_VenueShowMap":false,"_VenueShowMapLink":false,"footnotes":""},"categories":[425],"tags":[],"class_list":["post-1222","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rights-and-responsibilities"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t