NAMFISA opens consultation on new FIMA standard

**CHAMWE KAIRA **

The Namibia Financial Institutions Supervisory Authority (NAMFISA) has invited financial institutions, intermediaries, industry associations and self-regulatory organisations to submit comments on newly gazetted subordinate legislation under the Financial Institutions and Markets Act (FIMA).

The regulator issued the call for public input following the publication of General Notice No. 718 in Government Gazette No. 9027 on 15 September 2026.

According to NAMFISA, the standard was issued on an urgent basis under Section 409 of FIMA and came into effect on the date of its publication in the Government Gazette.

NAMFISA said affected stakeholders have 30 calendar days from the date of publication to make written representations on the standard.

The regulator said the representations will be considered in determining whether the standard should be re-issued in its original form or with modifications.

Comments must be submitted using the prescribed comments template by 22 October 2026.

The implementation of the Financial Institutions and Markets Act (Fima) on 1 May marked a significant step in modernising the regulation of Namibia’s non-banking financial sector.

The government has ushered in a new era of financial regulation, consumer protection and inclusive economic development.

The law establishes a modern regulatory framework designed to strengthen oversight of financial institutions, improve market confidence and support sustainable growth in the financial sector.

The government has stated that consumers, particularly policyholders, pension fund members and investors, stand to benefit from stronger protection of their financial interests.

The act aims to promote transparency and ensure financial institutions treat customers fairly.

FIMA provides the regulatory certainty needed to encourage investment, innovation and long-term planning while strengthening confidence in financial markets, according to the government.

When FIMA was passed in May, the government assured retirement fund members that existing benefit provisions remain unchanged.

Pension and retirement annuity fund members may still commute up to one-third of their benefits as a cash lump sum, while provident fund members retain access to their full benefits as a lump-sum payment, the government said at that time and added.

It added that FIMA’s implementation was a collective achievement that will strengthen Namibia’s financial sector and support economic growth.