Namfisa denies irresponsible spending claims

THE Namibia Financial Institutions Supervisory Authority (Namfisa) has dismissed claims that it is spending money irresponsibly by paying excessive amounts to its management and executive members in subsistence and travel allowances for overseas trips.

The claims were made on Monday during a strike by Namfisa employees who, through their union, the Namibia Financial Institutions Union (Nafinu), demanded an 8% salary increment, which was rejected by the organisation.

Namfisa spokesperson Victoria Muranda explained in a media statement that the travelling arrangements are approved by the board, and done according to the organisation’s travel policy.

“Thus, the allegations of irresponsible leadership are far-fetched and devoid of any truth,” she said.

She stressed that the authority exercises utmost care and prudence in applying its financial resources in the execution of its mandate. The strike is set to continue until the workers’ demands are met.

During Monday’s strike, Nafinu’s secretary general, Asnath Zamuee, requested that Namfisa’s management and its executive committee be investigated for allegedly spending the institution’s funds on unnecessary overseas trips and paying themselves extravagant S&T allowances, as well as high salaries which were also increased by 6% in May this year.

“We want the Ministry of Finance to investigate the institution’s financial dealings. We are against this irresponsible behaviour,” she charged.

Zamuee said the attitude of the management has added strain to the already hostile relationship, where procedural agreements have not been adhered to.

While Namfisa is set to release their 2019 annual report today, their audited 2018 financial statements show that staff costs last year stood at N$154 million, way more than earnings that stood at N$149 million. Staff costs were the biggest expenses on the income statement, while board emoluments stood at N$573 600.

– Nampa-Own report