Allexer Namundjembo
The Namibia Financial Institutions Supervisory Authority (NAMFISA) has given administrators of pension funds, medical aid funds, and friendly societies 12 months to formally register under the Financial Institutions and Markets Act (FIMA), warning that those who fail to comply could face regulatory action.
The requirement follows the coming into force of FIMA on 1 May 2026, which expanded NAMFISA’s supervisory mandate to include administrators of pension funds, medical aid funds, and friendly societies.
While existing administrators are deemed to be registered under the new legislation, they are required to submit formal applications for registration within 12 months of the commencement of Chapter 8 of the Act.
In a public notice issued by the institution’s chief executive officer Kenneth Matomola on Thursday, NAMFISA said all prospective administrators must also register before operating.
“All persons and entities intending to conduct administration business relating to pension funds, medical aid funds, and/or friendly societies must submit applications for registration to NAMFISA in terms of section 366 of FIMA,” the regulator said.
Under the Act, only companies may apply to register as fund administrators, while natural persons and other entities may register as society administrators.
Fund administrators are responsible for services including maintaining member records, managing contributions, processing claims and benefit payments, preparing financial reports and member statements, handling enquiries, and providing other administrative services to retirement funds, medical aid funds, and friendly societies.
NAMFISA warned that failure to comply with the registration requirements could attract enforcement measures.
“Failure to apply for registration within the prescribed period may result in regulatory action and other consequences in terms of FIMA,” the authority said.
It further cautioned that anyone who continues to conduct fund or society administration business without the required registration would be acting unlawfully.
“Any person who continues to conduct fund administration or society administrator business without being duly registered as required under FIMA is in contravention of the Act and may be subject to enforcement action by NAMFISA,” the notice said.
Applications must be submitted electronically through the NAMFISA Electronic Reporting System, where applicable, or through other submission channels communicated by the regulator.
Administrators have been encouraged to apply well before the deadline to allow sufficient time for the review process and the submission of any outstanding documentation.
NAMFISA also called on pension funds, medical aid funds, friendly societies, and members of the public to verify the registration status of administrators before doing business with them.
“NAMFISA urges pension funds, medical aid funds, friendly societies and the public to verify that any fund administrator or society administrator with whom they intend to conduct business is duly registered or deemed to be registered,” the regulator said.
The authority warned that its ability to assist consumers may be limited where financial losses arise from dealings with unauthorised administrators.
