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     * MINISTRY OF INDUSTRIALISATION & TRADE
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   * DOING BUSINESS IN NAMIBIA
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     * IJG Securities
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NAMIBIA FINANCIAL INSTITUTIONS SUPERVISORY AUTHORITY (NAMFISA) Daleen Small
2022-01-26T08:47:55+00:00


PROJECT DESCRIPTION


NAMIBIA FINANCIAL INSTITUTIONS SUPERVISORY AUTHORITY (NAMFISA)




















































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.


MISSION

NAMFISA’s mission is to effectively regulate and supervise financial
institutions and to give sound advice to the Minister of Finance.




NAMFISA

Tel: +264 (61) 290 500

Toll Free Number:  0800 290 500

P. O. Box 21250, Windhoek

www.namfisa.com.na






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VISION

To have a safe, stable and fair financial system contributing to the economic
development of Namibia in which consumers are protected.


VALUES

NAMFISA’s values are as follows:

 * Teamwork
 * Performance Excellence
 * Service Excellence
 * Accountability
 * Integrity
 * Agility




NAMFISA’S MANDATE

Core Function 1 – Supervision
To supervise the business of financial institutions and financial services

Core Function 2 – Advice
To advise the Minister of Finance on matters related to financial institutions
and financial services.

Additional Function – Aml/Cft Supervision
To supervise, monitor and enforce compliance with the Financial Intelligence
Act, 2012 (Act No. 12 of 2012) in respect of all accountable and reporting
institutions supervised by NAMFISA in terms of the NAMFISA Act.




NAMFISA is committed to maintaining a high standard of corporate governance. The
Authority prides itself as one of the entities that has embedded principles of
good corporate governance as enshrined in the NAMCODE and King report at large.
Due to its pursuit for highest standard of ethical and corporate governance, the
Authority has scooped an award of best annual report for the past 8 years
consecutively and remains the preferred benchmark by fellow regulators from the
SADC region.

The Authority has embarked on a journey of regulatory and supervisory reform
with particular emphasis on modernising the current laws and regulations to keep
abreast with best practices in the Non-Banking Financial Institutions (NBFI)
regulatory and supervisory sphere. This reform will enable the Authority to
implement a Risk Based Approach to supervision which will ensure better
utilisation of its limited resources, and focus on the key risks pertaining to
the sector.

The Authority has further reviewed its policies, processes and procedures with a
view to attaining operational efficiency. Our service level commitment to the
consumers in relation to the services the Authority offers has been reviewed and
improved, and continuous improvement is expected through regular monitoring and
evaluation. NAMFISA has reviewed its funding model to reflect the cost of
regulation and supervision. The review of the funding model was extensively
consulted upon with all the stakeholders and the policy maker. To this end, the
Authority will be reviewing its funding model on a five year interval via the
same consultative process with the stakeholders.

Prudent utilization of resources has yield a positive impact to the
sustainability the regulator. This positive impact is as a result of improved
operational efficiency emanating from the business processes re-engineering.
that was undertaken and continues to be pursued. In order to better execute on
its mandate as enshrined in the legislative reform, NAMFISA has thus reviewed
its organisational structure by developing two streams viz. prudential
supervision and market conduct respectively.




CONSUMER EDUCATION

“Our consumer education initiatives can help consumers make sensible decisions,
promote the use of financial services to those who currently don’t use them and
protect the consumers from undue influences”.

To know more, visit: https://educates.namfisa.com.na





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