The Namibia Financial Institutions Supervisory Authority (NAMFISA) has initiated a public consultation on a newly gazetted subordinate legislation under the Financial Institutions and Markets Act (FIMA). This move follows the publication of General Notice No. 718 in Government Gazette No. 9027 on 15 September 2026. The regulator has invited financial institutions, intermediaries, industry associations, and self-regulatory organisations to submit comments on the standard.
The standard was issued on an urgent basis under Section 409 of FIMA and took effect immediately upon publication in the Government Gazette. Affected stakeholders have 30 calendar days from the publication date to make written representations on the standard. NAMFISA will consider these representations in determining whether the standard should be re-issued in its original form or with modifications. Comments must be submitted using a prescribed template by 22 October 2026.
The implementation of FIMA on 1 May marked a significant step in modernising Namibia's non-banking financial sector regulation. The law establishes a modern regulatory framework designed to strengthen oversight of financial institutions, improve market confidence, and support sustainable growth in the financial sector. This move is expected to enhance consumer protection and promote inclusive economic development.
According to the government, consumers, particularly policyholders, pension fund members, and investors, stand to benefit from stronger protection of their financial interests. FIMA aims to promote transparency and ensure that financial institutions treat customers fairly. The act provides the regulatory certainty needed to encourage investment, innovation, and long-term planning while strengthening confidence in financial markets.
When FIMA was passed in May, the government assured retirement fund members that existing benefit provisions remain unchanged. Pension and retirement annuity fund members may still commute up to one-third of their benefits as a cash lump sum, while provident fund members retain access to their full benefits as a lump-sum payment. This assurance was made to alleviate concerns about the impact of the new regulatory framework on existing benefits.
The government views the implementation of FIMA as a collective achievement that will strengthen Namibia's financial sector and support economic growth. The new regulatory framework is designed to address the evolving needs of the financial sector and provide a more robust consumer protection mechanism. By encouraging public input, NAMFISA aims to ensure that the standard is effective and fair.
The consultation process is a crucial step in refining the standard and ensuring that it aligns with the needs of all stakeholders. NAMFISA's initiative demonstrates its commitment to transparency and stakeholder engagement in the regulatory process. The outcome of this consultation will shape the future of financial regulation in Namibia and have a lasting impact on the country's financial sector.
Key points
- NAMFISA invites public input on new FIMA standard until 22 October 2026.
- The standard aims to promote transparency and ensure fair treatment of customers by financial institutions.
- FIMA's implementation on 1 May marked a significant step in modernising Namibia's non-banking financial sector regulation.
