The Namibian Financial Institutions Supervisory Authority (Namfisa) last week hosted a three-member delegation from the Securities and Exchange Commission of Zimbabwe (SECZ).
The delegation was headed by Norman Maferefa, director for licensing, supervision and surveillance.
The visiting delegation was in Windhoek until 5 September to gain insight into Namfisa’s operations, and more specifically its risk assessment tool and the Electronic Regulatory System (ERS).
In remarks made last week in Windhoek, Johannes Smit, Namfisa’s deputy CEO for market conduct and operations, emphasised the pivotal role Namfisa plays as a regulatory body in ensuring financial stability and transforming the financial sector for the benefit of both consumers and the industries it serves, ultimately contributing to the growth of the Namibian economy.
“Operational efficiency and stakeholder engagement are key strategic themes for our organisation, and we are pleased to offer guidance and support to other regulators who wish to learn from our experience,” he said.
He added that the focus on operational efficiency is aimed at enhancing service delivery through streamlined processes, aligned structures and systems, and fostering a culture that builds human capacity to fulfil the organisation’s mandate effectively.
As a highly regarded regulator, Namfisa has assisted several regional bodies in improving regulatory and supervisory functions.
Financial regulators benefitted from Namfisa include Botswana’s Non-Bank Financial Institutions Regulatory Authority, the Tanzania Insurance Regulatory Authority and Eswatini’s Financial Services Regulatory Authority, as well as Zimbabwe’s Insurance and Pension Funds regulatory body.
Namfisa CEO Kenneth Matomola currently serves as chairperson of the Committee of Insurance, Securities and Non-Banking Financial Authorities.
This regional body aims to promote harmonisation of regulatory and supervisory regimes within the
Southern African Development Community.
The SECZ was established through the Securities Act.
Section 3 of the Act provides for the establishment of the SECZ, which is the regulatory body for securities and capital markets in Zimbabwe.
Namfisa exists to supervise non-banking financial institutions and financial services, and to advise the finance minister on matters relating to financial institutions and financial services. Namfisa is further responsible for supervising and enforcing compliance with the Financial Intelligence Act.