Namfisa’s reform strategy will spearhead financial sector evolution

Niël Terblanché The Namibia Financial Institutions Supervisory Authority (Namfisa) will undergo a critical transformation aimed at revamping its regulatory and supervisory framework to foster innovation, enhance service delivery, and ensure a robust financial sector. Namfisa’s Chief Executive Officer Kenneth Matomola, Namfisa’s stated that the reform strategy is multifaceted, focusing on institutional, legislative, and supervisory changes. Namfisa, tasked with overseeing non-banking financial institutions, has identified outdated laws as significant impediments to innovation and efficient implementation. The existing regulatory framework, based on a compliance-driven approach, contrasts sharply with the global shift towards risk-based supervision. To address these challenges, according to Matomola, Namfisa…