Namibia Financial Institutions Supervisory Authority (Namfisa) Chief Executive Officer, Kenneth Matomola, has announced that the Financial Institutions and Markets Act (FIMA) and the Namfisa Act came into operation on 01 May 2026.

Matomola made the announcement on Tuesday during a government information-sharing session in Windhoek.

He said Namfisa undertook a comprehensive review and restructuring of legislation governing the non-banking financial sector, which resulted in Parliament enacting the Financial Institutions and Markets Act of 2021 and the Namfisa Act of 2021.

“The Minister of Finance has determined through a notice in the Government Gazette that both FIMA and the Namfisa Act are operational with effect from 01 May 2026. 

Therefore, both pieces of legislation have been in force since that date,” he said.
Matomola noted that the two Acts are aimed at modernising and strengthening the regulation of the non-banking financial sector.

“Both FIMA and the Namfisa Act are about protecting ordinary Namibians and strengthening trust in the financial system,” he said.
He further indicated that pension preservation regulations have been placed on hold pending further review.

“After some reworking has been done, the minister will review the regulation before determining whether it will be brought into operation,” he said.
Matomola also sought to allay public concerns that the implementation of FIMA would affect retirement benefit payouts, stating that existing pension commutation rules remain unchanged.

He explained that the payment of one-third cash benefits for pension funds, retirement annuities and preservation funds, as well as the 100 per cent lump-sum entitlement offered by some private institutions, continue to be governed by the Income Tax Act No. 24 of 1981.

“This remains unchanged under FIMA. Those who receive a 100 per cent lump sum in terms of private institutions will continue to do so despite FIMA coming into operation. Nothing has changed,” he said.

Matomola emphasised that FIMA is not a pension preservation law, but a broad regulatory framework for the entire non-banking financial sector aimed at enhancing consumer protection, financial stability and fair market conduct.
“In other words, FIMA modernises how Namfisa supervises financial institutions so that consumers are better protected,” he said. 

-Nampa