On 31 July 2026, the Namibia Savings and Investment Association (NaSIA), in collaboration with its member NamibRe, hosted the FIMA Executive Breakfast Session under the theme “Unlocking FIMA: Regulatory Change for Driving Financial Sector Transformation and Innovation.” The session brought together senior executives, industry practitioners, legal and regulatory experts, and representatives of the Namibia Financial Institutions Supervisory Authority (NAMFISA) to engage on the practical implementation of the Financial Institutions and Markets Act (FIMA).
The engagement came three months after FIMA became effective on 1 May 2026, marking a significant shift in the regulation of Namibia’s non-bank financial sector. With institutions transitioning from the previous sector-specific regulatory environment to the new framework, the session provided a timely platform for the industry to deepen its understanding of FIMA, exchange experiences and engage directly on some of the practical considerations emerging during implementation.
The session featured presentations by Adv. Eliaser Nekwaya and Ms. Christine Rodrigues of Bowmans, who provided local and regional perspectives on the new regulatory environment. Discussions explored the architecture of FIMA and its supporting standards, as well as key considerations relating to governance, compliance capability, risk-based supervision, fit-and-proper requirements, outsourcing arrangements and consumer protection.
A key message emerging from the discussions was that FIMA requires institutions to move beyond a conventional “tick-box” approach to compliance. Instead, institutions will increasingly need to understand their individual risk profiles, demonstrate compliance, strengthen internal governance and systems, and ensure that their policies and processes are proportionate to the nature and complexity of their businesses.
The session further highlighted the importance of consumer protection and fair customer outcomes under the new regulatory framework. Participants considered how FIMA will influence the manner in which financial products are designed, communicated and distributed, including the responsibilities placed on financial institutions and intermediaries to ensure that consumers receive clear information and appropriate advice.
The presentations were followed by an engaging NAMFISA Executive Panel Discussion, featuring Mr Imanuel Hawanga, General Manager: Capital Markets; Mr Erich Gariseb, General Manager: Insurance & Medical Aid Funds; and Ms Hilka Alberto, General Manager: Market Conduct. The discussion created an opportunity for industry participants to engage directly with the Regulator on pressing implementation matters, raise practical questions and seek greater clarity on regulatory expectations as institutions continue adapting their operations to the requirements of FIMA.
The engagement reinforced the importance of continued dialogue between the industry and the Regulator during this critical implementation period. As institutions encounter practical challenges in applying the new framework, constructive engagement will remain essential to building shared understanding, addressing implementation concerns and ensuring that the objectives of FIMA are achieved without compromising the competitiveness and sustainability of the sector.
NaSIA extends its appreciation to NamibRe for partnering with the Association in hosting this important industry engagement, as well as to the guest speakers, NAMFISA representatives and industry participants whose contributions enriched the discussions.
As FIMA moves from legislation to implementation, NaSIA remains committed to facilitating constructive dialogue between its members, regulators and other stakeholders. Through continued collaboration and knowledge sharing, the Association will support its members in navigating the evolving regulatory environment and contribute towards a resilient, competitive and trusted non-bank financial services sector in Namibia.
