The Namibia Financial Institutions Supervisory Authority (NAMFISA) is scheduled to host the 46th Meeting of the Committee of Insurance, Securities and Non-Banking Financial Authorities (CISNA) in Swakopmund from 1 to 6 October 2023.
Kenneth Matomola, CEO of NAMFISA and chairperson of CISNA, highlighted that CISNA is committed to achieving Southern African Development Community (SADC) objectives by translating these into actionable programmes and projects to ensure they are attained within a specified timeframe.
The key focus areas of CISNA under Matomola’s leadership include harmonisation of legislative and supervisory framework, capacity building, market development, as well as consumer protection and education within the SADC region.
Matomola said CISNA’s objectives include the promotion of financial stability in the non-bank financial sector by effectively and efficiently championing a process of collaboration, engagement and coordination between the non-bank financial institution’s regulators and stakeholders through policy research, capacity building and market development initiatives.
Matomola added that CISNA also actively promotes anti-money laundering, counter-financing of terrorism and financial crime prevention in non-bank financial institutions in line with FAFT standards.
NAMFISA has been among the leaders in the non-bank regulatory authorities within the SADC region and has assisted several regional regulatory and supervisory bodies in establishing regulatory and supervision functions and frameworks.
The 46th CISNA bi-annual meeting is expected to convene with delegates who represent member authorities and SADC structures, covering areas in capital markets, and insurance and pension funds industries, among others.
Subsequent to the annual general council meeting, CISNA will host capacity building, which will feature discussions on critical topics, such as financial technology, green hydrogen and the SADC gender toolkit. Capacity-building intervention will be open to regulatory authorities and the industry players in the non-bank financial sector.
Additionally, the conference will witness the election of the new office bearers, an exercise conducted every two years as per the CISNA rules.
CISNA was established in June 1998, pursuant to the Protocol on Finance and Investment (FIP) of SADC as a committee of authorities responsible for the supervision of insurance, securities and non-banking financial institutions (NBFI) in SADC member states.
Its mandate is to ensure the non-bank financial services regulatory and supervisory framework within SADC member states are harmonised and comply with best international practices, standards and principles as set by the relevant international standard-setting bodies.
CISNA is part of the Directorate of Finance, Investment and Customs of the SADC Secretariat, and it reports to the SADC Committee of Ministers of Finance and Investment.
Its core mandate is to harmonise non-bank financial services regulatory and supervisory frameworks across SADC member states, ensuring compliance with international standards and principles. CISNA membership comprises 26 member authorities from 14 SADC member states.