Introduction to NAMFISA
The Namibia Financial Institutions Supervisory Authority (NAMFISA) is an independent institution established by virtue of Act No. 3 of 2001 to regulate and supervise financial institutions in the financial services industry in the public interest, and fully funded by levies imposed on this industry.
Prior to the establishment of NAMFISA, a Directorate in the Ministry of Finance performed the function of supervision over the business of financial institutions. In terms of the NAMFISA Act, the functions of the Authority are to:
- Exercise supervision over the business of financial institution over financial services;
- Advise the Minister of Finance on matters related to financial institutions and financial services; and
- Supervise, monitor and enforce compliance with the Financial Intelligence Act, 2012 (Act No. 13 of 2012) in respect of all accountable and reporting institutions supervised by NAMFISA in terms of the NAMFISA Act.
NAMFISA established itself as a reputable Authority in this field, locally and internationally. Over the years, it has contributed to the stability of the financial sector of Namibia while protecting consumers of financial products and services.
NAMFISA has developed and maintained a strong, effective presence in the regulatory field, in Namibia and internationally, while working closely with its counterparts elsewhere in Africa to establish solid regulatory frameworks.