Namibia's non-banking sector assets soar 14.3% to N$474.1 billion
The Namibia Financial Institutions Supervisory Authority (Namfisa) reported a year of robust growth and strengthened regulatory oversight, according to its annual report for the financial year ending 31 March 2025.
Speaking at the launch, CEO Kenneth Matomola highlighted the non-bank financial institutions (NBFI) sector’s resilience, with aggregate assets rising by 14.3% to N$474.1 billion in 2024.
Matomola emphasised Namfisa’s successful mandate execution, anchored in advanced, data-driven risk-based supervision (RBS) to safeguard financial integrity. He also noted the regulator’s commitment to consumer protection, with N$11.8 million in payouts secured for complainants.
“These improvements enable us to intervene more effectively and with greater precision, reinforcing consumer protection and ensuring the integrity of Namibia’s financial system,” he said.
The regulator further strengthened internal monitoring mechanisms, scenario planning and stress testing to identify potential vulnerabilities early and respond swiftly to emerging risks.
Matomola stressed that stakeholder engagement remains central to Namfisa’s work. “The financial sector impacts a wide spectrum of people, businesses and communities. Our dialogue with government, industry and consumers ensures that policies are inclusive and collaborative,” he said.
Consumer protection remains at the heart of Namfisa’s mandate. In 2024, the regulator resolved 358 out of 373 consumer complaints, securing N$11.8 million in payouts to 87 complainants.
“We want consumers to be well-informed, confident, and protected in their financial dealings. Beyond resolving disputes, we continue to prioritise financial literacy and fair regulation,” Matomola added.
Recognising the rapid pace of change in financial services, Namfisa continued to embrace innovation while maintaining financial stability. “We are supporting the adoption of FinTech and digital transformation, which are essential to improving efficiency, inclusivity, and consumer-centric solutions,” Matomola said.
The NBFI sector demonstrated notable strength, with aggregate assets climbing to N$474.1 billion in 2024. Namfisa currently regulates 1,032 financial institutions and 14,701 financial intermediaries. This sector plays a vital role in Namibia’s fiscal stability, supported by favourable market conditions, moderating inflation, and lower interest rates.
Matomola expressed gratitude to the board, executive team, staff, media, and stakeholders, while acknowledging the role of former finance minister Ipumbu Shiimi and his successor, Ericah Shafudah, in advancing Namibia’s financial transformation.
"Namfisa remains committed to building a resilient, competitive, and inclusive financial sector that serves all Namibians. Together with our stakeholders, we will continue to drive stability, innovation, and prosperity,” he concluded.
Bitly: //q.my.na/WO06
Speaking at the launch, CEO Kenneth Matomola highlighted the non-bank financial institutions (NBFI) sector’s resilience, with aggregate assets rising by 14.3% to N$474.1 billion in 2024.
Matomola emphasised Namfisa’s successful mandate execution, anchored in advanced, data-driven risk-based supervision (RBS) to safeguard financial integrity. He also noted the regulator’s commitment to consumer protection, with N$11.8 million in payouts secured for complainants.
“These improvements enable us to intervene more effectively and with greater precision, reinforcing consumer protection and ensuring the integrity of Namibia’s financial system,” he said.
The regulator further strengthened internal monitoring mechanisms, scenario planning and stress testing to identify potential vulnerabilities early and respond swiftly to emerging risks.
Matomola stressed that stakeholder engagement remains central to Namfisa’s work. “The financial sector impacts a wide spectrum of people, businesses and communities. Our dialogue with government, industry and consumers ensures that policies are inclusive and collaborative,” he said.
Consumer protection remains at the heart of Namfisa’s mandate. In 2024, the regulator resolved 358 out of 373 consumer complaints, securing N$11.8 million in payouts to 87 complainants.
“We want consumers to be well-informed, confident, and protected in their financial dealings. Beyond resolving disputes, we continue to prioritise financial literacy and fair regulation,” Matomola added.
Recognising the rapid pace of change in financial services, Namfisa continued to embrace innovation while maintaining financial stability. “We are supporting the adoption of FinTech and digital transformation, which are essential to improving efficiency, inclusivity, and consumer-centric solutions,” Matomola said.
The NBFI sector demonstrated notable strength, with aggregate assets climbing to N$474.1 billion in 2024. Namfisa currently regulates 1,032 financial institutions and 14,701 financial intermediaries. This sector plays a vital role in Namibia’s fiscal stability, supported by favourable market conditions, moderating inflation, and lower interest rates.
Matomola expressed gratitude to the board, executive team, staff, media, and stakeholders, while acknowledging the role of former finance minister Ipumbu Shiimi and his successor, Ericah Shafudah, in advancing Namibia’s financial transformation.
"Namfisa remains committed to building a resilient, competitive, and inclusive financial sector that serves all Namibians. Together with our stakeholders, we will continue to drive stability, innovation, and prosperity,” he concluded.
Bitly: //q.my.na/WO06
