Mariental: The Namibia Financial Institutions Supervisory Authority (NAMFISA) on Thursday held a stakeholder and public engagement session in Mariental to raise awareness of its mandate and educate consumers on the Financial Institutions and Markets Act (FIMA). The session held at the Hardap Regional Council Chambers focused on consumer rights and complaints procedures within NAMFISA-regulated industries.

According to Namibia Press Agency, NAMFISA's Corporate Communications Practitioner, Joanette Eises, led the delegation, explaining that FIMA harmonises laws governing the non-banking financial sector and promotes prudential regulation, sound market conduct, and good governance. The Act regulates insurers, microlenders, retirement funds, and medical aid funds.

Eises highlighted that the implementation of FIMA depends on subordinate legislation, including regulations, standards, directives, and guidelines issued by NAMFISA and the Ministry of Finance. These emphasize governance, prudential management, and ethical conduct. She mentioned that the Minister of Finance will announce the official date on which the Act comes into effect.

She also reiterated NAMFISA's commitment to fostering a transparent, robust, and consumer-friendly non-banking financial sector. The authority reported that as of 30 June 2025, the non-banking financial sector had 1,126 registered entities with total assets of N. dollars 501.7 billion.

Special attention is being given to Chapter 5 of FIMA, which enhances protection for retirement fund members through stricter contribution rules, improved member representation, and safeguards against creditor claims. Eises urged consumers to verify the registration status of financial service providers on its website and to report misconduct, including misleading advertisements.