Namfisa returns N$14.7 million to complainants

The Namibia Financial Institutions Supervisory Authority (Namfisa) says it resolved 627 out of 691 complaints last year – a 91% success rate.

As a result, the authority paid out N$14.7 million to 172 complainants in 2023.

The authority’s chief executive, Kenneth Matomola, revealed this when he launched Namfisa’s annual report for 2024 in Windhoek yesterday.

By 31 March this year, Namfisa regulated 788 financial institutions, 13 605 financial intermediaries and 14 393 institutions with a total asset value of N$414.8 billion, he said.

Matomola said Namfisa supervises and regulates the business of financial institutions and financial service providers, and also advises the minister of finance and public enterprises on matters relating to financial institutions and financial service providers in terms of the Namfisa Act.

“The non-banking financial sector remains a cornerstone of Namibia’s economic framework, contributing significantly to the nation’s financial resilience and inclusivity,” he said.

Matomola said 11 strategic initiatives are earmarked to be achieved and completed by the end of the 2022 to 2027 five-year strategy.

“For the 2023/24 financial year of the strategy, the authority focused on eight objectives and achieved 63% of its targeted performance,” he said.

Matomola said for the year ended 31 March 2024, Namfisa and its subsidiary, Metropol Pty Ltd, had a total income of N$279.5 million, with total expenditure amounting to N$254.7 million.

Other comprehensive income amounted to N$12.8 million, resulting in a total surplus of N$37.7 million, compared to a budget deficit of N$16.6 million.

“The levy income during the review period amounted to N$255.5 million, representing an increase of N$26.6 million or 11.6% compared to the previous year. This increase in levy income indicates that the non-banking financial institutions remained financially stable, sound and resilient,” he said.

Matomola said the group’s total expenditure for the review period was N$254.6 million, a decrease of N$5.9 million, or 2.3%, compared to the prior financial year.

He said staff costs, which make up the largest share of the total expenditure at 74%, decreased by 0.9% to N$189.4 million.

As of 31 March, the group’s total assets increased by N$34.4 million or 11.3% to N$339 million.

“This increase is attributable to an increase of N$25.1 million in investment and call account balances due to surplus cash from increased levy collection, and an increase of N$18 million in property plant and equipment.”

The group’s total liabilities decreased by N$3.2 million or 2.7% to N$115.3 million, with the decrease mainly attributable to the decrease of N$4.6 million or 10.3% in the post- retirement benefit obligations.
– email: matthew@namibian.com.na