CHAMWE KAIRA
The Namibia Financial Institutions Supervisory Authority (NAMFISA) recorded a comprehensive deficit of N$31.3 million for the financial year ended 31 March 2026, reversing a surplus of N$46.5 million in the previous year after a substantial legal charge linked to a Supreme Court judgment.
According to NAMFISA’s 2026 annual report, the deficit was primarily driven by an N$83.6 million legal charge arising from the Van Straten matter following a Supreme Court judgment delivered on 21 November 2025.
The group recorded total income of N$343.1 million against expenditure of N$371.5 million during the year. Other comprehensive losses amounted to N$2.9 million. The authority had budgeted for a comprehensive surplus of N$109 700.
Excluding the exceptional legal charge, recurring expenditure increased by approximately 6.9% year-on-year, which the report attributed to continued expenditure discipline and sustained revenue growth.
NAMFISA’s levy income, its largest income source, increased by 9.9% to N$320.6 million during the review period.
Investment income rose by 2.3% to N$14.4 million from N$14.1 million in the previous financial year, while other income increased by 33.6% to N$6.5 million from N$4.9 million.
Despite the growth in income, total expenditure increased by N$103.2 million, or 38.5%, compared with the previous financial year.
Staff costs remained the largest expenditure category, accounting for 60% of total expenditure. These costs increased by 7.1% to N$222.7 million, with the report citing an approved salary increment and a short-term incentive payment among the contributing factors.
Legal costs recorded the sharpest increase, rising by N$80.7 million, or 2,785%, compared with the previous financial year.
The report said the legal charge was dominated by the Van Straten matter, for which the amount was determined at N$35.11 million, plus interest of 20% from 4 March 2022. The full amount, including interest, was accrued at year-end.
The annual report also disclosed that payments towards the construction of NAMFISA’s new head office reached N$60.95 million by 31 March 2026.
The project, paid through Metropol (Pty) Ltd, was funded entirely from NAMFISA’s own cash as part of a committed N$70 million equity contribution from its general reserve.
No drawdowns had been made on the N$185 million development finance facility arranged with Standard Bank by the end of the financial year.
