The Namibia Deposit Guarantee Authority (NDGA) is implementing a 3-year strategic plan to ensure that it remains an effective and sustainable institution.

The scheme aims to ensure that depositors have access to all or a portion of their funds in the event that a bank fails to refund them within a specified time period.

All banking institutions are required to be members of the scheme and make annual premium payments.

Coverage has been adjusted from N$25.000 to N$50.000 with new regulations having been published in the government gazette.

Petrus Shifotoka is NDGA's Manager for Operations.

"At the end of last year, the board of the NDGA and the Minister of Finance then reviewed this coverage limit and decided to increase it now to 50,000 Namibian dollars per deposit up a bank. How did you determine it? Of course, we look at the deposits within our bank institutions, and we also realise at what level we will still be able to cover over 90% of depositors fully."

The 3-year strategic plan will focus on 5 strategic objectives.

These are growing and prudently managing the fund, establishing a robust process, effective engagement with stakeholders, building a future-fit workforce and strengthening the governance framework.

"Now it's time for us to chart a new strategy that will take the institution forward. And this is why we now released a new strategic plan, which is 2026 to 2028, 3 years. And that is going to guide our work going forward for the next 3 years. It will give us a direction and a focus on what we need to do to really make sure that the institution continues to operate and meet its objective."