Guest Contributor | Feb 21, 2024 | 0
Non-banking financial sector grows to N$370 billion
Non-bank financial institutions (NBFIs) sector continued to increase its assets, growing by 13.9% to N$370.6 billion at the end of December 2021.
This is according to the Namibia Financial Institutions Supervisory Authority (NAMFISA), which noted that the sector weathered challenging economic conditions, worsened by the COVID-19 pandemic.
“Growth was mainly driven by pension funds and long-term insurance assets, which increased year on year, and these gains were due to increases in investment income from financial markets primarily equity investments,” NAMFISA CEO Kenneth Matomola said.
According to its recently released annual report, NAMFISA’s levy income amounted to N$228.7 million, representing an increase of N$18.3 million on an annual basis.
Other comprehensive losses amounted to N$400,000. Therefore, the Group’s (NAMFISA and subsidiary Metropol) incurred total income for the year amounted to N$238.2 million.
During the review period, the Authority achieved legislative milestones, as the NAMFISA and FIM Acts were passed in Parliament and assented to by the President. It is expected that this legislative overhaul will address key objectives of the Authority. This includes the correction of market inefficiencies to promote efficient and orderly markets in financial services, protect the consumers of financial services, maintain confidence in the financial system, monitor and address systemic risks, and deter financial crime.
NAMFISA is currently in preparation for the implementation of the Acts.