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Annual Report 2015 NAMFISANAMIBIA FINANCIAL INSTITUTIONS SUPERVISORY AUTHORITY 2015ANNUAL REPORT 1 There are no great limits to growth because there are no limits of human intelligence, imagination, and wonder. Ronald Reagan 2 3 NAMFISA’s ABOUT US NAMFISA Board 06 NAMFISA CEO’s 07 DRIVING Our Core Functions 08 Our Mission 08 Our Vision 08 Our Values 06 Our Leadership Creed 09 4 FORCE 5 Estelle Tjipuka Board Chairperson Gersom Katjimune Vice Chairperson Simeon Amunkete Malverene Theron Mr Bonifatius Konjore Board Member Board member Board member NAMFISA NAMFISA BOARD CEOs 6 7 OUR CORE OUR LEADERSHIP FUNCTION CREED The Namibia Financial Institutions Supervisory Authority (NAMFISA) exists to supervise financial institutions and financial services We are committed We are exemplary We care and to advise the Minister of Finance on matters relating to financial institutions and financial services in terms of the Namibia We take ownership of our mandate We set the leadership benchmark We care about the well-being of our Financial Institutions Supervisory Authority Act, 2001 (No. 3 of 2001). We have a sense of urgency to execute employees our strategy We are approachable and fair We care about the protection of Core Function 1: Core Function 2: Additional Function We take mutual accountability to We encourage innovation and financial services consumers Supervision Advice AML/CFT Supervision embed our vision and values creativity We care about the safety and soundness of the financial services To supervise the business of financial To advise the Minister of Finance on To supervise, monitor and enforce We are united We are decisive and firm sector institutions and financial services matters related to financial institutions compliance with the Financial We have as a shared vision being We are consistent in our decisions and financial services Intelligence Act, 2012 (No. 13 of 2012) in a respected regulator of financial We make timely decisions respect of all accountable and reporting institutions We execute decisions firmly institutions supervised by NAMFISA in We stand together terms of the NAMFISA Act. We support team decisions We are passionate and inspired We are driven to achieve our vision OUR MISSION OUR VISION OUR VALUES We defend what we stand for We celebrate our achievements NAMFISA’s mission is to effectively NAMFISA’s vision is to be a respected We value integrity regulate and supervise financial regulator of the financial sector that We are committed to teamwork institutions and to give sound advice fosters a stable and safe financial We drive performance excellence to the Minister of Finance. system contributing to Namibia’s We passionately serve economic development. 8 9 Hi Phillip, Just wanted to say thanks for the copy of the Annual Report. CONGRATULATORY I went through it and just wanted to say that it is an excellent piece of work. Very impressive. MESSAGES Kind regards, Heinrich Dear Mr Shiimi, On NAMFISA’s International Dear Mr Iitembu, Mr Heinrich Nashenda, Quality Trophy Award Former NAMFISA Board Member It is with contentment and humility that Trust your Easter weekend was a blessed 11 September 2014 – NAMFISA Annual the State Owned Enterprises Governance “I thank Namfisa for the stern efforts to one and that today started well. Report 2014 Council Secretariat acknowledges, with improve supervision and compliance in thanks, receipt of your letter…. the non-banking financial sector” I just would like to thank you for the time Hi Phillip and overtime spending in the preparation We congratulate NAMFISA for the job Excerpt from the Budget Speech by the of our Licences to operate. I agree with Heinrich. well done, I have no doubt that more Minister of Finance We appreciate your hardworking and greater things are lined up for NAMFISA, Delivered in Parliament on 31 March 2015 personal assistance received in this regard, It’s excellent piece of artwork. Well done if the pace of operation remains the same. thank you very much. Phillip and team. I would like to take this opportunity to Kind regards. Greetings thank you and once again congratulations. Conraad Beukes Estelle Principal Officer Ms Estelle Tjipuka: Chairperson of the Mr Frans Tsheehama Millennium Insurance Brokers NAMFISA Board Permanent Secretary: 7 April 2015 11 September 2014 – NAMFISA Annual SOEG Council Secretariat Upon receipt of brokers’ licences Report 2014 07 April 2015 Dear Tate Phillip Dear Phillip: I wanted to inform you that your As the end of NAMFISA’s financial year colleagues, Evangelina and Rachelle, approaches, I am writing to congratulate presented very well at the recently held you on the excellent job Erna Motinga Financial Inclusion Council. They made a has done in shepherding the first batch of very good impression on all of us including standards and regulations under the FIM the PM. Thanks a lot for making them Bill to the point they have reached, in the available and keep up the good work. very short time available. There are other countries that have taken years to achieve Iipumbu Shiimi what Erna and the RPS Group have Governor: Bank of Namibia managed to do in the last few months. 06 March 2015 This is particularly so because getting these documents right is a full time job, and Erna has had to deal with many other things in her capacity as General Manager of the RPS Group. I am very impressed, as are the three Canadian consultants. ACEO Assistant Chief Executive Officer NAMAF Namibia Association of Medical Aid Funds LIST OF AML Anti-Money Laundering NAMFISA Namibia Financial Institutions Supervisory CEO Chief Executive Officer Authority Best personal regards, Louise ABBREVIATIONS CFT Combating the Financing of Terrorism NSX Namibia Stock Exchange Louise S. Pelly, Q.C. FSA Financial Services Adjudicator RMC Risk Management Committee Barrister & Solicitor GDP Gross Domestic Product ICT of the Bars of Ontario & Quebec Information and Communications Technology 31 March 2015 – On completion of critical IT Information Technology Standards and Regulations 10 11 05 11 14 55 65 69 About Us List of Abbreviations Foreword by the NAMFISA Support Function Highlights Consumer education Regulatory reform update Board Chairperson 18 21 31 75 87 113 Review by the Governance Risk Management Supervisory developments Industry review Statistics Chief Executive Officer 34 37 45 131 171 Key Milestones Management Strategy and Performance Annual Financial Glossary Statements as at 31 March 2015 TABLE OF CONTENTS 12 13 FOREWORD BY THE NAMFISA BOARD CHAIRPERSON In 2014/15, NAMFISA continued on been executing its mandate effectively an immediate threat to stability in the In addition, we will further enhance NAMFISA is a public entity created In the same vein, we welcome back its growth trajectory by its on-going as regards its supervisory and consumer financial sector. our capacity and readiness in respect with a specific mandate guided by law. Hon. Calle Schlettwein following his implementation of a Three-year Rolling education functions. The surveys also of implementing the various laws Thus, our regulatory capacity will be appointment as Minister of Finance. Strategic Plan approved in 2013. Among showed that, overall, the Authority was Hence, our key strategic objectives for the envisaged, including drafting the enhanced and we will continue with the We also welcome Hon. Natangwe Ithete other things, the Strategic Plan, which at the forefront of attaining its vision 2015/16 financial year include regulatory regulations and standards relating to effectiveness drive implemented during following his appointment as Deputy supports our vision to become a respected of becoming a respected regulator. In reform, regulation and risk-based the Financial Institutions and Markets the previous financial year. Minister of Finance. We trust that we regulator, fosters the maintenance of particular, the resolution of complaints supervision, and greater operational Bill and the Microlending Bill. In this will continue our excellent working confidence in the financial system. and the introduction of measures to efficiency – as briefly outlined below: respect, both regulations and standards I am proud to mention that all the relationship with the Ministry as we address malpractice in the industry had are necessary to implement the latter aforementioned wisdom has been implement and advise on the key national The leadership of the NAMFISA Board seen consumers asserting their rights and 1. Regulatory reform: two pieces of draft legislation once they nurtured under the leadership of the strategic goals within our mandate. has been pivotal in this respect. The the industry reforming. The Board will continue to drive have been promulgated. Ministry of Finance. Accordingly, the Board premises its leadership on ethical the regulatory reform programme, entire Board of NAMFISA is eternally On my behalf, and on behalf of the Board, principles as well as a passion for We also conducted an assessment of the including rendering assistance to the 2. Regulation and risk-based supervision: thankful to our newly appointed Prime I would like to express my gratitude to the rendering an excellent service aimed at 2014/15 financial year’s performance and Ministries of Finance and Justice in Initiatives will be rolled out to ensure Minister, the Rt Hon. Saara Kuugongelwa- management and staff of NAMFISA for serving the best interest of all stakeholders are pleased with the results that reaffirm tabling in Parliament the Financial that inherent systemic risks are Amadhila, for the trust she bestowed on us their
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