The implementation of the Financial Institutions and Markets Act, FIMA, has brought changes to Namibia's financial regulatory framework, including the regulation of medical aid funds.

Finance Minister Erica Shafudah says the Financial Institutions and Market Act (FIMA) will deliver meaningful benefits across all segments of society. 

The act aims to strengthen consumer protection, promote financial inclusion and enhance regulatory oversight, among other things.

The Financial Institutions and Markets Act (FIMA) officially came into effect on the 1st of May.

Kenneth Matomola, the Chief Executive Officer of Namibia Financial Institutions Supervisory Authority (NAMFISA), made the announcement today. 

The Chief Executive Officer of the Namibia Financial Institutions Supervisory Authority (NAMFISA) has called for the urgent implementation of the Financial Institutions and Markets Act (FIMA).

The Financial Instituations and Market Act (FIMA) has the potential to create and govern retirement and medical aid funds and their administrators, short- and long-term insurers, investment schemes, and asset management, amongst others.

Emotions ran high at the Ministry of Finance and Public Enterprises consultation on the Financial Institutions and Market Act (FIMA) regulation on the preservation retirement benefit fund at Eenhana.

The working class of Keetmanshoop, Aroab, Tses, and Berseba have rejected a draft regulation to preserve retirement benefits. 

Industry stakeholders in Namibia have called for the recall of the Financial Institutions and Markets Act (FIMA), citing its Canadian origins as the reason for its inability to meet the needs of the local environment. 

The Namibia Financial Institutions Supervisory Authority (Namfisa) has received public and industry input on supplementary legislation to the Financial Institutions and Markets Act (FIMA) and feedback on this will be communicated during the last quarter of this year.