- Friday, 04 November 2011 12:47
- Published Date
- Elia Paavo
- Hits: 5086
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$1.39 billion received in 2009.
- Articles In This Category
- Billion dollar milestones (474 hits)MarketsTilman Friedrich, Managing Director of Retirement Fund Solutions (RFS), recently announced that the company reached the N$ 10 billion mark for assets...Namibian chicken competitive in poultry market (2175 hits)MarketsFollowing the launch of three new frozen chicken products by Namib Poultry Industries about a month ago, General Manager Gys White, in a recent...FedEx acquires Supaswift (754 hits)MarketsEarlier this month FedEx Corp announced that its FedEx Express subsidiary acquired Supaswift businesses in the country as well as those in six other...MarketsSwakara is high in demand with many furriers indicating they are keen to bid on the 53 000 Swakara pelts up for sale at next weekend’s auction in...NDTC posts record revenue (761 hits)MarketsThe Namibia Diamond Trading Company (NDTC), a 50/50 joint venture between the Government and diamond giant De beers through its rough diamond sorting...MarketsPursuant to the cautionary announcement by Bank Windhoek Holdings Limited published on NENS dated 28 January 2014, Bank Windhoek Holdings Limited...MarketsMarketsThe IJG credit report shows that credit extended to the private sector increased by a moderate N$118.9 million or 0.2% in February 2013 to N$52.7...Ombudsman Bill for finance in pipeline (360 hits)MarketsThe proposed Financial Services Ombudsman Bill, will see the creation and appointment of an independent Financial Service Ombudsman (FSO). This...Market wrap 10 January 2014 (537 hits)Markets
- Related Articles
- FIM Bill consultations in final round - NAMFISA (1176 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 (2572 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 winner of the Best Business Idea competition run by the Economist Businesswomen Club after their Businesswomen Conference in Ongwediva, was...Ostriches back in vogue (22 hits)HeadlinesThe most discredited agricultural commodity, ostriches, are back on the farming radar after the Ministry of Trade and Industry, in collaboration with...Editors DeskCan one imagine how unmanageable the Namibian capital market would be if yields on government bonds came down by 11% on one day, only to jump up more...17 October 2014 (17 hits)WeatherWhat Happened? The layered atmospheric sandwich that started developing last week continued up to Wednesday this week at which point the last...Namibia commemorates World Food Day (28 hits)HeadlinesThe City of Windhoek commemorated World Food Day yesterday at Otjomuise. This is the first ever commemoration of the World Food Day in Windhoek and...