- Friday, 04 November 2011 12:47
- Published Date
- Elia Paavo
- Hits: 6322
Financial institutions regulator, NAMFISA said it plans to have a modernised regulatory and supervisory framework in place within the next three years. The new laws will provide the regulator with strong enforcement powers against institutions that are found to contravene these laws.
Chairman of the NAMFISA board, Rick Kukuri said the revised strategy sets out the strategic objectives of the authority over the next five years and forms the basis of NAMFISA’s annual planning.
The new legislative base will also give the regulator the ability to deploy its limited resources towards the most vulnerable areas in the financial system. NAMFISA will further direct its attention to building the required human capacity which will enable it to deliver on its mandate effectively.
CEO Phillip Shiimi said given the importance of regulatory reform, “we placed the review of the financial institutions and markets bill at the top of our priorities. The financial institutions and market bill will provide us with a modern, flexible regulatory framework in the years to come.”
According to NAMFISA’s 2011 annual report, twenty new micro-lenders were licensed last year while two licenses were cancelled. The micro-lending sector now has 347 registered micro lenders, with total loans extended increasing by 19% to N$1.1 billion.
In the period under review, Investment management companies had N$86 billion of Namibia’s savings under management compared to N$84 billion in the previous period of which 53% was invested locally, while unit trust companies managed N$26 billion compared to N$25 billion in the previous period, 49% of which was is invested locally.
Long term insurers raised a total of N$4.5 billion in premiums in 2010 with total accumulated assets reported at N$25 billion compared to N$22 billion in 2009 against policy holders liabilities of N$22 billion compared to N$20 billion in 2009.
On the other hand, short term insurers reported an increase of 21% in assets to N$2.36 billion, receiving gross premiums of N$2.03 billion up from from N$1.76 billion in 2009. A total of N$162 million was paid in premiums for insurance placed outside the country, the report indicates.
Furthermore, the report shows that total pension funds reached N$63.9 billion from N$55.8 billion during 2009 while the medical aid fund, which covered 152 328 beneficiaries compared to 148 040 in 2009, received contributions amounting to N$1.5 billion up from N$1.39 billion received in 2009.
- Articles In This Category
- Commercial building plans take a dip (478 hits)MarketsThe total value of commercial building plans approved for 2013 is down by 61.5%. Despite the fact that a large number of building plans were approved...Regulation 29 checklist (341 hits)MarketsIn a bid to understand the bare basics of Regulation 29, the Economist touched base with the Namibia Financial Institutional Supervisory Authority...Market wrap 13 March 2015 (164 hits)MarketsEconomic Development Agency goes live (540 hits)MarketsOn Monday, the new website (http://ledapathfinders.org/) of the Local Economic Development Agency (LEDA) went live and is now available to the...Standard Bank named Bank of the Year in Africa (1662 hits)MarketsStandard Bank has been named 2011 Bank of the Year in Africa and Best Bank in four African countries by The Banker, the leading journal of the global...Naspers rakes in (201 hits)MarketsReleasing its interim financial results for the six months ended 30 September 2014, Naspers reported that its core headline earnings grew 24% to...DBN gets shares in Norsad Finance (1695 hits)MarketsDBN recently obtained shares in Norsad Finance, formerly the Norsad Fund, a development finance institution (DFI), established in 1990, between the...Nictus unbundled (2973 hits)MarketsThe furniture and motor vehicle retailer, Nictus announced this week that it will be unbundling its Namibian operations from its South African...NBL appoints new MD (1773 hits)MarketsHendrik van der Westhuizen, the current managing director of Hangana Seafood, has been appointed as the new managing director of Namibia Breweries...Business Connexion revenue up 35% (674 hits)MarketsAnnouncing the full year results of the Business Connexion Group, CEO Benjamin Mophatlane said the strong growth in key financial metrics is...
- Related Articles
- FIM Bill consultations in final round - NAMFISA (1475 hits)MarketsThe Namibia Financial Institutions Supervisory Authority (NAMFISA) is currently conducting the final round of consultations with the industry on the...NAMFISA and Bank of Namibia award bursaries (4252 hits)EducationThe Bank of Namibia and the Namibia Financial Institutions Supervision Authority granted bursaries to students in the areas of Economics, Accounting...
- Latest Articles
- HeadlinesThe Namibia Professional Hunters Association, NAPHA, last week donated N$30,000 to the Nau Aib Primary School in Okahandja, a town from which the...HeadlinesSince the ostentatious groundbreaking of the Tses Glass factory in June last year, the Groot Systems CEO, Simon Kapenda said that a Ukraine-based...Further cost cutting at Langer Heinrich (286 hits)HeadlinesAustralian uranium miner and owner of the Langer Heinrich mine, Paladin this week announced that it would cut costs further following an announcement...Editors DeskSince the launch of the Tripartite Free Trade Area in June this year, a voluminous body of scholarly work has been generated by many tertiary...Weather 31 July 2015 (50 hits)WeatherWhat Happened A rare phenomenon manifested during the course of the week. Early in the week, the customary high pressure cell sat over South Africa...