The Namibia Financial Institutions Supervisory Authority (Namfisa) continues to pour millions of dollars into office rental and parking.
However, this immense spending on rent could soon be history, as the authority has prioritised the construction of its building for the 2023-2024 financial year. This plan is contained in the company’s recently released business plan.
Namfisa has budgeted N$12.4 million for office rent for the current financial year while forecasting an escalation of N$13 million for 2024/25 and N$13.7 million for 2025/26.
According to its business plan, for office parking, Namfisa budgeted N$2.7 million for the 2023/24 period, as well as N$2.9 million and N$3.1 million for 2024/25 and 2025/26, respectively.
Namfisa is mandated to regulate and supervise financial institutions, intermediaries and financial services, monitor risks within the financial institutions and markets sector, and exercise an oversight role over the micro-prudential practices, activities and policies.
The authority is also tasked to advise the finance minister on matters relating to financial institutions, intermediaries and financial services.
In efforts to ensure the authority provides a stable and consumer-protected non-banking financial sector that contributes to the growth of the sector and the Namibian economy, it set out a strategy for 2022 to 2027. Through this strategy, it rolled out its 2023/24 business plan that intends to focus on eight objectives, namely: improved use of technology and innovation capabilities, data management, access to Namfisa services, knowledge and skills, work culture, service delivery, customer and stakeholder engagement and financial sustainability.