{"id":76430,"date":"2024-09-05T13:01:00","date_gmt":"2024-09-05T13:01:00","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/fima-still-under-review"},"modified":"2024-09-05T13:01:00","modified_gmt":"2024-09-05T13:01:00","slug":"fima-still-under-review","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/fima-still-under-review","title":{"rendered":"FIMA still under review"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>The technical committee under the Ministry of Finance is still scrutinising the Financial Institutions Markets Act (FIMA).<\/p>\n

The Windhoek Observer understands that while public consultations have concluded, the research component is still ongoing, and findings have yet to be presented to the finance minister.<\/p>\n

During a media engagement last week in Windhoek, Namibia Financial Institution Supervisory Authority\u2019s (Namfisa) chief executive officer, Kenneth Matomola stated that FIMA can only come into effect once the minister gives the green light.<\/p>\n

\u201cAs it stands now, FIMA can only come into force once the minister says, \u2018Yes, let\u2019s go and implement,\u2019\u201d he said.<\/p>\n

Matomola explained that the delay in finalizing FIMA stems from a lack of broader consultation on the benefits of subordinate legislation, which necessitated preservation.<\/p>\n

As a result, all relevant stakeholders formed a team to review the subordinate legislation.<\/p>\n

This team is tasked with providing the minister with recommendations on the matter before implementation.<\/p>\n

\u201cTherefore, the minister said no, let\u2019s wait for this broader consultation and anything that comes out of it, which might affect some of the provisions in FIMA. Then let\u2019s make those amendments, and then we can implement FIMA,\u201d he elaborated.<\/p>\n

In addition to this, given that FIMA is an Act of Parliament and there was public unease, the parliamentary committee on economics summoned stakeholders, including Namfisa, to address issues they had with FIMA.<\/p>\n

Parliament presented a report with recommendations, debated it, and passed it.<\/p>\n

This implies that Namfisa is currently reviewing the FIMA recommendations.<\/p>\n

\u201cFIMA is quite technical, and as a technical act, not everybody understands financial matters, and even our financial literacy in Namibia is quite low,\u201d he said.<\/p>\n

Matomola cautioned that misinformation or disinformation could derail the implementation of FIMA. Therefore, the delay in enforcing FIMA aims to ensure it aligns with the needs of the entire country, as there is no room for mistakes.<\/p>\n

\u201cIf you can remember, just a small misinformation that said FIMA is a preservation of pension benefits; therefore, we need to reject it. And everybody was up in arms. But we need to bring everybody along so that they can understand what the benefits are. FIMA has many good things,\u201d he pointed out.<\/p>\n

He added that the finance minister would communicate to the public the date on which FIMA would come into operation at the appropriate time.<\/p>\n

Regarding FIMA benefits, Chapter 2 accords customers a minimum 30-day \u201ccooling-off\u201d period to change their minds without penalties after signing policy contracts.<\/p>\n

It also increases protection amounts from N$50 000 to N$200 000, ensuring that beneficiaries can receive the minimum amount in cases such as death by court orders or creditors.<\/p>\n

Market abuse and insider trading will be introduced as civil offences in Chapter 3, along with enforcement mechanisms.<\/p>\n

FIMA comprises approximately 10 chapters. Chapter 5 addresses benefits, stating that FIMA will protect members\u2019 retirement savings from their estate, bankruptcy\/insolvency, and creditors, provided that the member or their surviving dependents and\/or nominees have not yet received these benefits.<\/p>\n

Additionally, FIMA will continue to permit the deduction of medical aid fund contributions from pension benefits and their payment to medical aid funds.<\/p>\n

Chapter 7 specifies that members joining a medical aid fund cannot be subject to waiting periods of more than 12 months before receiving any benefits.<\/p>\n

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

Africa-Press – Namibia. The technical committee under the Ministry of Finance is still scrutinising the Financial Institutions Markets Act (FIMA). The Windhoek Observer understands that while public consultations have concluded, the research component is still ongoing, and findings have yet to be presented to the finance minister. During a media engagement last week in Windhoek, […]<\/p>\n","protected":false},"author":84,"featured_media":76429,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[234,236,233],"class_list":["post-76430","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":"\nFIMA still under review - Namibia<\/title>\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\/fima-still-under-review\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FIMA still under review\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Namibia. The technical committee under the Ministry of Finance is still scrutinising the Financial Institutions Markets Act (FIMA). The Windhoek Observer understands that while public consultations have concluded, the research component is still ongoing, and findings have yet to be presented to the finance minister. During a media engagement last week in Windhoek, […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/fima-still-under-review\" \/>\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=\"2024-09-05T13:01:00+00:00\" \/>\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=\"3 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\/fima-still-under-review#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/fima-still-under-review\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"FIMA still under review\",\"datePublished\":\"2024-09-05T13:01:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/fima-still-under-review\"},\"wordCount\":556,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/fima-still-under-review#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2024\/09\/Hazrati1725528705.403419.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\/fima-still-under-review#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/fima-still-under-review\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/fima-still-under-review\",\"name\":\"FIMA still under review - Namibia\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/fima-still-under-review#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/fima-still-under-review#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2024\/09\/Hazrati1725528705.403419.jpg\",\"datePublished\":\"2024-09-05T13:01:00+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/fima-still-under-review#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/fima-still-under-review\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/fima-still-under-review#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2024\/09\/Hazrati1725528705.403419.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2024\/09\/Hazrati1725528705.403419.jpg\",\"width\":800,\"height\":500,\"caption\":\"FIMA still under review\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/fima-still-under-review#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/namibia\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"FIMA still under review\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#website\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/\",\"name\":\"Namibia\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/namibia\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"caption\":\"cfeditoren\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"FIMA still under review - Namibia","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/namibia\/all-news\/fima-still-under-review","og_locale":"en_US","og_type":"article","og_title":"FIMA still under review","og_description":"Africa-Press – Namibia. The technical committee under the Ministry of Finance is still scrutinising the Financial Institutions Markets Act (FIMA). The Windhoek Observer understands that while public consultations have concluded, the research component is still ongoing, and findings have yet to be presented to the finance minister. During a media engagement last week in Windhoek, […]","og_url":"https:\/\/www.africa-press.net\/namibia\/all-news\/fima-still-under-review","og_site_name":"Namibia","article_publisher":"https:\/\/www.facebook.com\/AfricaPressTunisiaa","article_published_time":"2024-09-05T13:01:00+00:00","author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/fima-still-under-review#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/fima-still-under-review"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"FIMA still under review","datePublished":"2024-09-05T13:01:00+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/fima-still-under-review"},"wordCount":556,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/fima-still-under-review#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2024\/09\/Hazrati1725528705.403419.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\/fima-still-under-review#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/fima-still-under-review","url":"https:\/\/www.africa-press.net\/namibia\/all-news\/fima-still-under-review","name":"FIMA still under review - Namibia","isPartOf":{"@id":"https:\/\/www.africa-press.net\/namibia\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/fima-still-under-review#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/fima-still-under-review#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2024\/09\/Hazrati1725528705.403419.jpg","datePublished":"2024-09-05T13:01:00+00:00","author":{"@id":"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"breadcrumb":{"@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/fima-still-under-review#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/namibia\/all-news\/fima-still-under-review"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/fima-still-under-review#primaryimage","url":"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2024\/09\/Hazrati1725528705.403419.jpg","contentUrl":"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2024\/09\/Hazrati1725528705.403419.jpg","width":800,"height":500,"caption":"FIMA still under review"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/namibia\/all-news\/fima-still-under-review#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/namibia\/"},{"@type":"ListItem","position":2,"name":"FIMA still under review"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/namibia\/#website","url":"https:\/\/www.africa-press.net\/namibia\/","name":"Namibia","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/namibia\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","caption":"cfeditoren"}}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/posts\/76430","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/comments?post=76430"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/posts\/76430\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/media\/76429"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/media?parent=76430"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/categories?post=76430"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/namibia\/wp-json\/wp\/v2\/tags?post=76430"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}