- Friday, 04 November 2011 12:47
- Published Date
- Elia Paavo
- Hits: 5103
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
- Ernst & Young tax guide (1930 hits)MarketsThe 8th Edition of the Practical Guide to Tax in Namibia was released last week to users of this leading local tax publication. All taxes...Trade deficit widens in November (782 hits)MarketsNamibia’s trade deficit widened to N$1.6 billion in November according to monthly trade statistics released by the Namibia Statistics Agency (NSA)...Better Namlife benefits to members (854 hits)MarketsNamlife has announced an increase in benefits to members starting this February. According to Ilke Platt, a Senior Marketing and Communications...Understanding Africa’s middle class (131 hits)MarketsUsing South Africa’s Living Standard Measure (LSM) methodology, Standard Bank’s ‘Understanding Africa’s middle class’ report covers the...MarketsCredit extended to the private sector increased by N$789.5 million, or 1.3%, in May 2014 to N$63 billion. On an annual basis private sector credit...Credit grows and grows (403 hits)MarketsIJG Securities states in its latest Economic Flash published last week Friday that credit extended to the private sector increased N$555 million or...eWallet hugely popular (548 hits)MarketsGloating over the tremendous success of their eWallet product, FNB’s Manager of Cellphone Banking, Desery van Wyk said this week there are now more...BATA franchise enters Namibia (707 hits)MarketsA world renowned brand with footwear as its core business has made its way into the Namibian market after a successful partnership between Namibian...Bank BIC gets nod from BoN (68 hits)MarketsIn less than three months of issuing two provisional banking licences to Letshego Bank Namibia Limited and Banco Privado Atlantico Europa, the Bank...New security for Mandela Rand (319 hits)MarketsThe South African Reserve Bank (SARB) has launched a refresher campaign to mark 12 months since the introduction of the new series of Mandela...
- Related Articles
- FIM Bill consultations in final round - NAMFISA (1180 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 (2602 hits)EducationThe Bank of Namibia and the Namibia Financial Institutions Supervision Authority granted bursaries to students in the areas of Economics, Accounting...
- Latest Articles
- HeadlinesAgra’s well-known outdoors outlet, Safari Den was literally elevated to another level with the opening of the new shop this week Wednesday....Future logistics plan for explosion (8 hits)HeadlinesA newly formalised conceptual framework for the development of the transport sector, expects an explosion in transport and logistics as Namibia is...Simasiku plans to shake up energy (12 hits)HeadlinesFormer Chief Executive Officer of the Electricity Control Board of Namibia, Siseho Simasiku is at the forefront of a consumer advocacy group that...Editors DeskTowards the middle of the recent Windhoek Show, long queues started forming around the back end of the President’s Hall. From the Wednesday onward,...24 October 2014 (5 hits)WeatherWhat Happened? For the observer on the surface there is always one indisputable indicator of humidity in the upper air and that is the vapour trail...