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Financial Institutions Supervisory Authority inks agreement with medical aid association

Financial Institutions Supervisory Authority inks agreement with medical aid association

The Namibia Financial Institutions Supervisory Authority (NAMFISA) and the Namibian Association of Medical Aid Funds (NAMAF) inked a Memorandum of Understanding last week to cooperate and harmonise the exercise of their respective mandates over matter of mutual interest.

The MoU was also signed to ensure the coherent application of the Medical Aid Funds Act for the betterment and development of Medical Aid Funds industry.

Kenneth Matomola, Chief Executive Officer of NAMFISA said as an institution that premised its strategic foundation on the sound regulation and supervision of the financial services sector they are committed to continuously foster sound and mutual beneficial relations with the industries they oversee as well as the associations representing these financial institutions. “I refer particularly the Medical Aid funds fraternity, represented by the Namibia Association of Medical Aid Funds,” he emphasized.

While Stephen Tjiuoro, Chief Executive Officer of NAMAF stated that both institutions will benefit greatly by the exchange of information, to ensure adequate enforcement and securing compliance with the applicable and relevant laws, regulations and rules and to facilitate the fulfillment of their respective mandates. “In doing so, both institutions will ensure that members of the Medical Aid Funds are indeed protected,” he added.

As from 31 March the total number of member registered on private medical aid funds stood at 195,412 with the industry’s total assets amounting to N$1.8 billion.


About The Author

Mandisa Rasmeni

Mandisa Rasmeni has worked as reporter at the Economist for the past five years, first on the entertainment beat but now focussing more on community, social and health reporting. She is a born writer and she believes education is the greatest equalizer. She received her degree in Journalism at the Namibia University of Science and Technology (NUST) in June 2021. . She is the epitome of perseverance, having started as the newspaper's receptionist in 2013.