Kenneth Matomola – Windhoek Observer

02 Oct

Namfisa leads consumer protection drive

ObserverObserver MoneyConsumer Protection Bill, Consumer Protection Month, Elijah Mukobonda, Kenneth Matomola

Martin Endjala The Namibia Financial Institutions Supervisory Authority (Namfisa) has dedicated October to consumer protection to raise public awareness about financial rights and obligations. Namfisa's chief executive officer, Kenneth Matomola, on Wednesday, emphasised the importance of educating consumers on protecting themselves from market misconduct and making informed financial decisions. “This initiative provides a valuable platform to highlight the critical importance of protecting and upholding consumer rights, shielding them from market misconduct, and ensuring they are informed about their responsibilities when engaging with financial institutions,” explained Matomola. Despite the country lacking a formal Consumer Protection Bill, consultations are ongoing, led by…

04 Sep

FIMA still under review

ObserverNational NewsFinancial Institutions Markets Act (FIMA), Kenneth Matomola

Martin Endjala The technical committee under the Ministry of Finance is still scrutinising the Financial Institutions Markets Act (FIMA). The Windhoek Observer understands that while public consultations have concluded, the research component is still ongoing, and findings have yet to be presented to the finance minister. During a media engagement last week in Windhoek, Namibia Financial Institution Supervisory Authority’s (Namfisa) chief executive officer, Kenneth Matomola stated that FIMA can only come into effect once the minister gives the green light. “As it stands now, FIMA can only come into force once the minister says, ‘Yes, let’s go and implement,’” he…

28 Sep

NAMFISA posts revenue of N$247 million

ObserverObserver MoneyKenneth Matomola, NAMFISA posts revenue of N$247 million

Martin Endjala The Namibia Financial Institutions Supervisory Authority (NAMFISA) disclosed a total income of N$246.7 million for the financial year ending 31 March 2023. This came with a total expenditure of N$260.6 million, marking a 4.3 percent (N$10.8 million) rise compared to the previous financial year. Kenneth Matomola, the Authority's Chief Executive Officer, revealed this financial snapshot yesterday during the unveiling of its annual report. Matomola said that despite facing significant challenges, notably the COVID-19 pandemic, Russia’s invasion of Ukraine, and surging commodity prices, the Authority sustained its mandate delivery. NAMFISA, he asserted, is concentrated on maintaining the financial stability…

07 Apr

Compulsory pension savings on horizon ….no withdrawal of 75 percent of pension money until 55 years

ObserverUncategorisedCompulsory pension savings on horizon, Erna Motinga, FIMA, Kenneth Matomola

Tujoromajo Kasuto The Namibia Financial Institutions Supervisory Authority (NAMFISA) Deputy Chief Executive Officer, Erna Motinga cautioned the Namibian public against mass resignations in an attempt to Access their pension savings, because of the introduction of compulsory preservation of retirement benefits for people who withdraw from their retirement funds before retirement age. In terms of this new regulation when someone resign, change jobs or stop working they will be required to preserve 75 percent of their minimum individual pension reserve, until the prescribed early retirement age of 55 years. This has ignited heated public debate on social media and news platforms,…