Five board members of the Namibia Financial Institutions Supervisory Authority (Namfisa) were paid N.dollars 947 256 in retainer and sitting fees in 2020, the authority’s latest report shows.
Released a fortnight ago, the report indicates that board chairperson, Gerson Katjimune, was paid the highest with N.dollars 292 332.
When broken down, Katjimune collected N.dollars 104 125 in retainer fees, N.dollars 107 501 in sitting fees and N.dollars 80 704 in daily subsistence allowance.
Meanwhile, deputy board chairperson Hettie Garbers-Kirsten was remunerated a cumulative N.dollars 161 738.
The other three board members, Jacque Jansen, Leonie Dunn and Simeon Amunkete were paid N.dollars 166 501, N.dollars 171 924 and N.dollars 154 760 respectively.
Furthermore, during the period under review, Namfisa’s levy income amounted to N.dollars 210.4 million, which represents a decrease of N.dollars 2.6 million (1.2 per cent) compared to the levy income recorded for the previous fiscal year.
The group’s total income for the 2020/21 financial year ending was N.dollars 223.6 million, with its expenditure totalling N.dollars 218.6 million.
In addition, the group’s total assets increased by N.dollars 55.4 million to N.dollars 319.9 million during the period in question.
Namfisa appears to be financially sound.
“Despite COVID-19, the review period from 11 April 2020 to 31 March 2021 has seen remarkable achievements and progress, both for Namfisa as the non-bank financial services regulator and for some regulated entities, as we continued our transformational journey
towards a risk-based supervisory approach in Namibia,” Katjimune is quoted as saying in the report.
His sentiments were echoed by the authority’s chief executive officer, Kenneth Matomola.
“The authority continued utilising its resources optimally in executing its mandate. To this end, its financial sustainability remains robust going into the future. Namfisa stakeholders also remained a priority for the authority in respect of cultivating and enhancing beneficial relationships, premised on collaboration, trust and active engagement,” Matomola said.
More so, the total assets of the non-bank financial institutions (NBFI) regulated by Namfisa stood at N.dollars 341.9 billion during the period.
“The non-bank financial institutions sector remained financially stable and continued to grow its assets despite challenging economic conditions,” reads a section of the report.
Source: The Namibian Press Agency
