Fima ushers in new era for financial sector – Shafudah
The implementation of the Financial Institutions and Markets Act (Fima) on 1 May marked a significant step in modernising the regulation of Namibia’s non-banking financial sector. Finance minister Ericah Shafudah said this in parliament on Tuesday, arguing that the Fima Act 2 of 2021 ushers in a new era of financial regulation, consumer protection and […] The post Fima ushers in new era for financial sector – Shafudah appeared first on The Namibian.
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The implementation of the Financial Institutions and Markets Act (Fima) on 1 May marked a significant step in modernising the regulation of Namibia’s non-banking financial sector.
Finance minister Ericah Shafudah said this in parliament on Tuesday, arguing that the Fima Act 2 of 2021 ushers in a new era of financial regulation, consumer protection and inclusive economic development.
She said the law establishes a modern regulatory framework designed to strengthen oversight of financial institutions, improve market confidence and support sustainable growth in the financial sector.
Parliament passed Fima together with the Namibia Financial Institutions Supervisory Authority (Namfisa) Act in 2021. Since then, the government and Namfisa have developed more than 150 regulations and standards through extensive consultations with stakeholders between 2021 and 2025.
“The implementation of Fima is the culmination of nearly two decades of policy development, legislative reform and institutional preparation,” Shafudah said.
She noted that consumers, particularly policyholders, pension fund members and investors, stand to benefit from stronger protection of their financial interests. The act aims to promote transparency and ensure financial institutions treat customers fairly.
Shafudah said Fima provides the regulatory certainty needed to encourage investment, innovation and long-term planning while strengthening confidence in financial markets.
Addressing concerns over the proposed preservation of retirement fund benefits, she said the measure has not been implemented and remains on hold pending further consultations.
She assured retirement fund members that existing benefit provisions remain unchanged. Pension and retirement annuity fund members may still commute up to one-third of their benefits as a cash lump sum, while provident fund members retain access to their full benefits as a lump-sum payment.
Shafudah described Fima’s implementation as a collective achievement that will strengthen Namibia’s financial sector and support economic growth.
The post Fima ushers in new era for financial sector – Shafudah appeared first on The Namibian.
