Central Bank appoints Deposit Guarantee Authority board
The Bank of Namibia this week announced the appointment of Board of Directors to serve on the newly established Deposit Guarantee Authority, an independent juristic body housed by the Bank of Namibia, effective 4 September 2019.
The board is chaired by Bank of Namibia’s Deputy Governor Ebson Uanguta. Festus Nghifenwa (Director for Economic Policy Advisory Services in the Ministry of Finance), Linda Dumba Chicalu (Legal Advisor at the Social Security Commission), Ulrich Eiseb (Chief Financial Officer and Company Secretary for Namibia Asset Management), and NAMFISA’s CEO, Kenneth Matomola serve on the board.
The Namibia Deposit Guarantee Authority is a newly established public institution, to manage and administer the Deposit Guarantee Scheme.
Emma Haiyambo, Director Strategic Communications at the Bank of Namibia said by establishing this institution, Namibia has joined a growing number of countries in Africa and globally who have established similar institutions to protect depositors of banking institutions.
“In the unlikely event of a banking institutions failure, compensation shall be paid out to depositors, when their deposits held by a banking institution are unavailable,” Haiyambo said.
The appointment was done in line with Section 6 of the Namibia Deposit Guarantee Act (Act No. 16 of 2018). The board will serve for 5 years.
Caption: Petrus Shifotoka (Principal Economist: Bank of Namibia), Festus Nghifenwa (Board member: NDGA), Ulrich Eiseb (Board member: NDGA), Iipumbu Shiimi (Governor), Ebson Uanguta (Deputy Governor and Chairperson of the NDGA Board), Emile Van Zyl (Technical Advisor to the Governor). Seated from left: Linda Dumba Chicalu (Board member) and Dr Emma Haiyambo (Director of Strategic Communication and Financial Sector Development and Head of the NDGA).