{"id":64349,"date":"2024-03-06T16:31:03","date_gmt":"2024-03-06T16:31:03","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/namfisa-calls-for-regulatory-reforms-to-spur-innovation"},"modified":"2024-03-06T16:45:08","modified_gmt":"2024-03-06T16:45:08","slug":"namfisa-calls-for-regulatory-reforms-to-spur-innovation","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/namfisa-calls-for-regulatory-reforms-to-spur-innovation","title":{"rendered":"Namfisa calls for regulatory reforms to spur innovation"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>Chief Executive Officer of the Namibia Financial Institutions Supervisory Authority (Namfisa), Kenneth Matomola, has raised concerns regarding the current regulatory framework, saying it hampers Namfisa\u2019s ability to fulfil its mandate.<\/p>\n

During a briefing at the Government Information Centre yesterday, Matomola said Namfisa is tasked with overseeing non-banking financial institutions, but outdated laws pose significant obstacles to achieving their objectives.<\/p>\n

\u201cThe challenges we face stem from antiquated legislation that stifles innovation and proves difficult to implement,\u201d Matomola explained.<\/p>\n

He said the current laws are very reliant on a compliance-driven approach to supervision, whereas the world has moved on to a risk-based approach to supervision, noting that a risk-based approach would help Namfisa look to the future and mitigate possible future issues.<\/p>\n

\u201cRight now we are ticking boxes, and when you tick boxes it means you are recording things that have already happened, so we should focus on a risk-based approach to ensure these risks do not occur,\u201d stated Matomola.<\/p>\n

He further outlined Namfisa\u2019s commitment to comprehensive reforms, saying the authority has undertaken a three-pronged reform strategy which entails institutional, legislative and supervisory changes.<\/p>\n

Matomola also said Namfisa has revamped its organisational structure to enhance service delivery and is actively developing legislation to modernise its regulatory framework for non-banking financial institutions in Namibia.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. Chief Executive Officer of the Namibia Financial Institutions Supervisory Authority (Namfisa), Kenneth Matomola, has raised concerns regarding the current regulatory framework, saying it hampers Namfisa\u2019s ability to fulfil its mandate. During a briefing at the Government Information Centre yesterday, Matomola said Namfisa is tasked with overseeing non-banking financial institutions, but outdated laws […]<\/p>\n","protected":false},"author":84,"featured_media":64347,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[234,236,233],"class_list":["post-64349","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nNamfisa calls for regulatory reforms to spur innovation - Namibia<\/title>\n<meta name=\"description\" content=\"Chief Executive Officer of the Namibia Financial Institutions Supervisory Authority (Namfisa), Kenneth Matomola, has rai ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/namfisa-calls-for-regulatory-reforms-to-spur-innovation\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Namfisa calls for regulatory reforms to spur innovation\" \/>\n<meta property=\"og:description\" content=\"Chief Executive Officer of the Namibia Financial Institutions Supervisory Authority (Namfisa), Kenneth Matomola, has rai ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/namfisa-calls-for-regulatory-reforms-to-spur-innovation\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-06T16:31:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-06T16:45:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2024\/03\/sm_1709730789.270601.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"475\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namfisa-calls-for-regulatory-reforms-to-spur-innovation#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namfisa-calls-for-regulatory-reforms-to-spur-innovation\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Namfisa calls for regulatory reforms to spur innovation\",\"datePublished\":\"2024-03-06T16:31:03+00:00\",\"dateModified\":\"2024-03-06T16:45:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namfisa-calls-for-regulatory-reforms-to-spur-innovation\"},\"wordCount\":233,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namfisa-calls-for-regulatory-reforms-to-spur-innovation#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2024\/03\/sm_1709730789.270601.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/namfisa-calls-for-regulatory-reforms-to-spur-innovation#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namfisa-calls-for-regulatory-reforms-to-spur-innovation\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/namfisa-calls-for-regulatory-reforms-to-spur-innovation\",\"name\":\"Namfisa calls for regulatory reforms to spur innovation - 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