NAMFISA adopts new five year strategy to drive operational efficiency
The Namibia Financial Institutions Supervisory Authority (NAMFISA) this week launched its new five year strategy (2017 to 2022) which is set to drive its objectives on transformation, stakeholder engagement and operational efficiency.
The Chief Executive Officer of NAMFISA, Kenneth Simataa Matomola said the authority is embarking on a journey of regulatory reform with particular emphasis on modernising its current laws and regulations to keep abreast with best practices in the non-Banking Financial Institutions (NBFI) regulatory and Supervisory to implement a Risk Based Approach to supervision.
Matomola said the approach will ensure better utilisation of its limited resources, and focus on the key risks pertaining to the sector.
“To ensure that the Authority achieves it’s vision, not only the updated legislation should be in place but the processes, skills and systems should be enhanced to ensure that operational efficiency is achieved,” Matomola added.
The strategy was crafted by the Minister of Finance, the NAMFISA Board, leadership and staff. The outgoing strategy (2014 to 2017) key focus areas and concerns according to Matomola were among others; fragmented and archaic legislation based on compliance approach; financial constraints due to outdated levy model, lack of financial regulatory and supervisory skills and limited utilization of Electronic Regulatory System.
“While significant efforts were aimed at initiatives to address these challenges, a number of these remains relevant for the current environment and 14 strategic objectives have been set in order to adequately address them, through focused initiatives, during the current strategy period,” Matomola said.
According to Matomola said some of the objectives in the current strategy include; improvement in skills and knowledge, regulatory and supervisory effectiveness, work culture, stakeholder engagement, policy making process, cost effectiveness and consumer engagement.