WINDHOEK – The Namibia Financial Institutions Supervisory Authority (Namfisa) has awarded bursaries to eight students for the 2014 academic year.
The regulator says the skills required to fulfill its mandate are very specialised and not readily available in Namibia, hence the need to have a structured approach to filling the identified skills gap. The Namfisa bursary scheme’s focus areas are in the fields of actuarial science, financial markets, finance and accounting, auditing and law, insurance and investment studies. Since its introduction in 2010, 12 students have benefited from the bursary scheme and cost Namfisa a total amount of nearly N$2.7 million covering expenses such as tuition, accommodation, meals, travelling, books, medical aid, study permits and stipends.
“As a regulatory authority we have a responsibility to ensure the safety and soundness of the financial industry and it therefore behooves us to have the necessary capacity to deliver on those expectations. The bursary scheme is but one of the strategies we have at Namfisa to develop skills, which benefit the authority and the country at large. By absorbing the graduates who benefit from our bursary scheme, we are underlining the importance of nurturing and guiding young talent as they take their first steps in the job market,” said Namfisa Chief Executive Officer, Phillip Shiimi. Namfisa bursary scheme beneficiaries are pursuing studies both in Namibia and in South Africa. Since the inception of the scheme in 2010, Nmafisa has already started to reap the benefits as from 2013 when four of the nine graduates took up full-time employment with the regulator.
The other five are on attachment at financial institutions to gain industry skills and upon completion of their attachments they will be expected to join Namfisa’s supervisory divisions.
By Staff Reporter