Namfisa strives to be a better regulator

THE Namibia Financial Institutions Supervisory Authority (Namfisa) held a press conference in Windhoek on Friday to reveal its latest roadmap envisaged to make the organisation more effective at its job.

Namfisa Chief Executive Officer Rainer Ritter said the plan, which has eight strategic plans under focus, had been approved by the Namfisa board of directors in July. Namfisa, said Ritter, had taken into account points of concern and recommendations made in the latest Financial Services Assessment Programme compiled by the World Bank and International Monetary Fund, which said the organisation could do more to become a world-class regulator.Namfisa was created in 2001 as an independent body designed to supervise and regulate the non-banking financial services industry.”In April, we reviewed our status as to whether were doing our work as a regulator …We want to have a better financial sector and to have that we should follow international standards,” said Ritter, who was appointed as head of the organisation in March.He added that the environment in which Namfisa was operating was changing, and the organisation needed to keep up with the pace and adapt to the prevailing circumstances.The organisation has laid out strategic objectives of governance, legislative reform, performance management, an operational development programme, a stakeholder programme, consumer education, an inspectorate and complaints-handling capabilities.”In designing Namfisa’s new overall strategic framework, we have taken into account the expectations and needs of our external stakeholders and our staff, the dynamic factors that make up the financial services environment, the challenges facing regulators and the resources available to the organisation.”The organisation has hired the former Chief Executive Officer of the South African Financial Services Board as an independent financial adviser to see Namfisa through its strategic plan.Ritter also revealed that Namfisa was currently working on an amendment bill to the existing Namfisa Act, which should be presented to Cabinet by December.Namfisa, said Ritter, had taken into account points of concern and recommendations made in the latest Financial Services Assessment Programme compiled by the World Bank and International Monetary Fund, which said the organisation could do more to become a world-class regulator.Namfisa was created in 2001 as an independent body designed to supervise and regulate the non-banking financial services industry.”In April, we reviewed our status as to whether were doing our work as a regulator …We want to have a better financial sector and to have that we should follow international standards,” said Ritter, who was appointed as head of the organisation in March.He added that the environment in which Namfisa was operating was changing, and the organisation needed to keep up with the pace and adapt to the prevailing circumstances.The organisation has laid out strategic objectives of governance, legislative reform, performance management, an operational development programme, a stakeholder programme, consumer education, an inspectorate and complaints-handling capabilities.”In designing Namfisa’s new overall strategic framework, we have taken into account the expectations and needs of our external stakeholders and our staff, the dynamic factors that make up the financial services environment, the challenges facing regulators and the resources available to the organisation.”The organisation has hired the former Chief Executive Officer of the South African Financial Services Board as an independent financial adviser to see Namfisa through its strategic plan.Ritter also revealed that Namfisa was currently working on an amendment bill to the existing Namfisa Act, which should be presented to Cabinet by December.