- Published Date
- Elia Paavo
- Hits: 4230
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
- Banking access while at work (502 hits)MarketsHelping Standard Bank to launch it Workplace Banking programme for the Khomas Regional Council this week are from the left Cllr Ambrosius Kandjii,...Markets“Innovators” receive sponsorship (1063 hits)MarketsFNB Namibia this week showed its support to business inovation by donating money towards the hosting of the business plan competition held by the...Analysts divided on rate cut (783 hits)MarketsThe decision by the central bank to cut interest rates by 50 basis points has left analysts divided with some saying the decision caught them by...Deloitte appoints new partner (1406 hits)MarketsDeloitte has announced the appointment of Abel Akayombokwa as a partner with effect from 1 June 2012. “I congratulate Abel on this significant...Nam-mic Cellcards giving cash back (1183 hits)MarketsThe Nam-mic Payment Solutions Cellcard which was launched in April was well received but the biggest challenge of getting Union members to sign up...Clients welcome new banking application (336 hits)Markets“Standard Bank Namibia customers have welcomed the newly introduced electronic channel. The convenience of being able to do banking on the go has...Code of Banking Practice launched (332 hits)MarketsThe Governor of the Bank of Namibia, Mr Ipumbu Shiimi and the Chairman of the Bankers Association of Namibia, Mr Christo de Vries, jointly launched...Bank’s corporate division grows (1194 hits)MarketsFirst National Bank has appointed Maggie von Rhein, Hannes van Zyl and Angelique Peake at the bank’s corporate and commercial division. Maggie von...SACU our saviour (615 hits)MarketsSACU transfers account for an estimated 40% of the current total tax revenue. This dependence has ushered much debate. Has the SACU revenue formula...
- Related Articles
- 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 (455 hits)EducationThe Bank of Namibia and the Namibia Financial Institutions Supervision Authority granted bursaries to students in the areas of Economics, Accounting...
- Latest Articles
- New diamond mine inaugurated soon (121 hits)Mining & EnergyDiamond miner Namdeb will later this month inaugurate a new mine near the southern coastal town of Oranjemund. President Hifikepunye Pohamba is...Overwhelming response to govt prayer call (410 hits)HeadlinesDespite a very late announcement, the response to a call by the government for a National Day of Prayer to address the pervasive gender violence, was...Mutual ready for Reg 28 and 29 (417 hits)HeadlinesLeading financial services group Old Mutual said it is well-positioned to meet the requirements of the amended Regulations 28 and 29 that came into...Editors DeskNamibia is in the grip of what the Minister of Finance called “moral decay” in her budget statement delivered before Parliament earlier this...07 March 2014 (78 hits)WeatherWhat Happened? If one divides Namibia into a south-western half and a north-eastern half, the separation line runs roughly from around Ruacana in the...