Martin Endjala
Construction of the long-awaited new office building of the Namibia Financial Institutions Supervisory Authority (Namfisa) will begin this year and will be completed at an estimated cost of N$236 million.
This was revealed by Namfisa’s chief executive officer, Kenneth Matomola, during the groundbreaking ceremony on the premises of the new building in Windhoek on Wednesday.
“We are not merely beginning the construction of a project. But we are embarking on a journey towards a future of enhanced service delivery and a greater impact on the financial landscape of Namibia,” he said.
The new building will be located in the open space next to the Capricorn Bank Windhoek Branch and the Avani Hotel on Independence Avenue in the central business district of Windhoek.
Matomola anticipates that the new building’s construction will be completed in two years.
The building will comprise four floors of parking space and six floors of office space.
The construction will be handled by a joint venture contractor, Adaptive Building Land Construction, and JV China State Construction Engineering Corporation PTY Limited.
Matomola said that by investing in modern infrastructure, Namfisa will ensure that its team has the necessary tools to deliver services to the people.
“The decision to build a new headquarters is a testament to our growth and our vision for the future, to adapt to new changes in the financial sector to remain effective in providing services,” he explained.
Hettie Garbers-Kirsten, Namfisa’s board chairperson, said the new building is the beginning of future enhanced service delivery, increased efficiency, and sustained growth, adding that it is a milestone for Namfisa and Namibia’s financial services.
“Our strategic intent with this new building is to create a modern, efficient and conducive environment that will enable us to serve the financial sector and Namibia,” she stated.
She added that the significant investment in infrastructure is a testament to Namfisa’s commitment to Namibia’s national development and future, to creating jobs and to enhancing connectivity and collaboration.
The decision to build a new office was made in October 2014.
Last year, the Windhoek Observer reported that Namfisa had been paying about N$14.9 million per annum on office rental fees to occupy the building it currently operates from the Gutenberg Plaza in the capital’s Central Business District.
This means that for the past four years, the financial regulator has spent close to N$60 million on the lease of office space since occupying the building on 15 June 2020
According to its audited annual financial statements for the 12 months ended 31 March 2023, Namfisa budgeted N$12.4 million for office rent for that financial year while forecasting an escalation of N$13 million for 2024/25 and N$13.7 million for 2025/26.
