The Namibia Financial Institutions Supervisory Authority has published a broad set of preliminary and general standards under the Financial Institutions and Markets Act, 2021, establishing an immediate cross sector rulebook for financial institutions and intermediaries. The package defines who may act as a valuator, introduces a comprehensive fit and proper regime for firms, key persons and controllers, sets independence and code of conduct requirements, and prescribes notification, governance, investment, outsourcing, customer treatment and procedural standards that apply across insurance, capital markets, collective investments, funds, friendly societies and medical aid funds. At the core of the package, fit and proper assessments must cover competence and capability, honesty and integrity, and financial soundness for individuals, and also conduct, financial soundness and operational ability for entities. NAMFISA may disqualify a person for up to 10 years, subject to notice and an opportunity to be heard, with a rehabilitation process available. Financial institutions and intermediaries must notify NAMFISA within 30 calendar days of appointing or terminating auditors, valuators and principal officers, while auditors and valuators must separately report the reasons for resignation or termination and any supervisory concerns. The standards also prohibit outsourcing of specified principal business functions, require prior written approval and justification for offshoring, impose notification duties within 30 business days for outsourcing agreements and material changes, and introduce a 12 month transition for existing arrangements. Additional measures require written investment policy statements and investment mandates, fair treatment of customers policies built around seven outcomes, plain language disclosures, fiduciary and related party safeguards, payment of fund, friendly society and medical aid fund contributions within seven calendar days after they become due, and application, renewal, fee and business transfer or amalgamation procedures. The penalty standard allows NAMFISA, in specified cases, to impose sanctions of up to 2% of prior year revenue or a one month business suspension for list applicants, and up to 1% of revenue or a three month suspension for certain authorised users, representatives and designated representatives. The standards took effect on publication in the Gazette. Existing outsourcing arrangements must be reviewed and brought into compliance within 12 months of the effective date.
Namibia Financial Institutions Supervisory Authority2026-05-08
Namibia Financial Institutions Supervisory Authority issues cross sector governance conduct and operational standards under the Financial Institutions and Markets Act
The Namibia Financial Institutions Supervisory Authority has issued a comprehensive set of general standards under the Financial Institutions and Markets Act, 2021, covering governance, fit and proper tests, independence, outsourcing, investment, customer treatment and supervisory filings. Key requirements include 30 day notifications for changes to auditors, valuators and principal officers, prior approval for offshoring of material functions, and payment of certain fund contributions within seven days of falling due. The standards took effect on publication, with a 12 month transition for existing outsourcing arrangements.