On 13 May 2026, the Namibia Financial Institutions Supervisory Authority (NAMFISA) officially launched FIMA at an event officiated by the Minister of Finance, Hon. Erica Shafudah. This milestone event followed NAMFISA’s prior announcement regarding the operationalisation of the Namibia Financial Institutions Supervisory Authority Act, 2021 (Act No. 3 of 2021) (“NAMFISA Act”), together with FIMA and the Regulations and Standards promulgated thereunder, all of which became effective on 1 May 2026.
FIMA represents a transformational shift in Namibia’s financial services regulatory landscape, arguably the most significant reform to the NBFS sector since Independence. While the laws that historically governed the NBFS fulfilled their purpose for many years, the expansion and growing sophistication of the NBFS necessitated a more modern, integrated, and responsive regulatory regime. The new act consolidates the archaic and fragmented laws (some of which date from 1956) into a single, coherent legal framework governing the non-banking financial sector. Its scope encompasses insurance, retirement funds, medical aid funds, collective investment schemes, financial markets, and financial intermediaries.
FIMA is a timely response to the Namibian market. It is a defining key step in building a resilient, competitive and modern non-banking financial sector that signals long-term stability and confidence for both investors and consumers.
In her address during the official launch, the Honourable Minister of Finance aptly described the commencement of FIMA as: “The beginning of a new era, where markets are fair, institutions are strong, consumers are protected, and financial services serve the broader national interests.”
The Minister also provided important clarification regarding the proposed preservation of pension benefits. She indicated that the relevant regulation has been deferred to allow for further refinement and wider stakeholder consultation before implementation. Until that process has been concluded and the regulation formally promulgated, existing retirement benefit commutation provisions remain unchanged. This means that current entitlements under the Income Tax Act, No. 24 of 1981 continue to apply, including the one-third cash lump-sum option for pension, retirement annuity and preservation funds, as well as the full lump-sum entitlement available to members of provident funds.
In his remarks, NAMFISA Board Chairperson Mr. Brian Masule emphasised that transparent, consultative, and inclusive stakeholder engagement will remain critical to promote trust and regulatory certainty. He further assured stakeholders that NAMFISA will strive to maintain an open-door and collaborative partnership approach throughout the FIMA implementation phases.
During the official launch industry’s commitment to the implementation of FIMA and its various Standards was reiterated by NaSIA Board Chairperson Mr. Eino Emvula. The Chair also noted that with the introduction of any piece of legislation or regulatory initiative, there are bound to be teething challenges, even when best efforts have been made in thinking through most of the critical aspects. These become most notable during the implementation phases. Critically, where the industry may experience practical implementation challenges, it will be incumbent upon the Regulator to listen and provide an opportunity to learn from one another to come up with solutions best suited for our local challenges to ensure industry compliance. After all, both the industry and the Regulator have a shared interest in building a robust and competitive local non-banking financial sector that contributes meaningfully to the country’s shared economic prosperity.
As the saying goes, “smooth seas do not make skilful sailors.” The implementation of FIMA may present complexities and adjustments along the way, but through collaboration and shared commitment, the industry is well-positioned to turn FIMA into an opportunity to strengthen innovation, build trust, and drive long-term growth.
The vice-chairperson of the Retirement Runds Institute of Namibia further called on the regulator to “keep their doors open”, as stronger collaboration is required particularly in this constructive phase of FIMA. She called on “nation builders” to build the nation, as nations are not built on podiums but behind closed doors in strong partnerships.
