CHAMWE KAIRA
Namibia’s non-banking financial sector assets increased by 16.6% to N$552.8 billion during the 2025/26 financial year, despite the Namibia Financial Institutions Supervisory Authority (NAMFISA) recording a N$31.3 million deficit following a Supreme Court judgment.
The figures were disclosed in NAMFISA’s Annual Report 2026 Media Launch address by chief executive officer KennethMatomola, covering the financial year ended 31 March 2026.
According to Matomola’s address, NAMFISA’s total income increased to N$343.1 million, largely supported by N$320.6 million in levy revenue. However, expenditure rose to N$371.5 million, resulting in a comprehensive deficit of N$31.3 million.
The deficit was driven by a once-off legal charge of N$83.6 million arising from the Van Straten Supreme Court judgment.
Excluding the legal charge, recurring operating expenditure increased by approximately 6.9% year-on-year.
Despite the deficit, NAMFISA held N$234.6 million in cash and unit trust investments. Its total group assets increased by 13.5% to N$436.8 million.
Matomola said the reporting period marked the fourth year of NAMFISA’s five-year strategy, which runs from 2022 to 2027. Progress towards the strategy’s targets stood at 81% as of 31 March 2026.
The regulator’s supervisory responsibilities covered 1 193 financial institutions and 15 607 financial intermediaries, bringing the total number of regulated entities to 16 800.
Retirement funds remained a major component of the sector, with total investments increasing by 15.5% to N$301.6 billion.
Matomola’s address stated that 50.3% of pension fund investments were held domestically, in compliance with Namibia’s domestic asset allocation requirements.
Medical aid funds also recorded growth, with total beneficiaries increasing to 224 276. Net reserves rose by 39.6% to N$2.9 billion.
The expansion in retirement fund investments and medical aid reserves contributed to the overall growth in non-banking financial sector assets.
NAMFISA received 403 consumer complaints during the reporting period and resolved 375, representing a resolution rate of 93%.
The regulator also facilitated the return of N$4.4 million to 81 complainants through consumer protection interventions.
To strengthen compliance with anti-money laundering requirements, NAMFISA conducted five on-site inspections and 54 off-site inspections, issuing 16 enforcement directives.
The inspections formed part of efforts to strengthen financial crime compliance as Namibia works towards exiting the Financial Action Task Force’s grey list.
NAMFISA’s workforce increased to 194 employees, with women accounting for 55.6% of staff.
The regulator also introduced an electronic recruitment system as part of its digital transformation initiatives.
Matomola said NAMFISA would continue advancing the implementation of the Financial Institutions and Markets Act (FIMA), the Consumer Credit Bill and its digital transformation initiatives.
