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 Namibia Financial Institutions Supervisory Authority (NAMFISA) recovered over N$2.7 million for consumers in the non-banking financial sector during the third quarter of 2024, resolving complaints swiftly and effectively.

The Namibia Financial Institutions Supervisory Authority (NAMFISA) has made revenue amounting to N$279,5 million with expenditure of N$254,7 million during the 2023/2024 posting profit of N$24 million. 

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.

The Namibia Financial Institutions Supervisory Authority (NAMFISA) has reiterated that no microlender is allowed to confiscate or withhold borrowers' bank cards, PIN codes, or original identification documents.

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.

The Non-banking financial sector assets have grown by 14% despite an economic downturn, which translates to N$370 billion as of December 2021.