Namibia assumes CISNA chairmanship

By Business Reporter

THE Namibia Financial Institutions Supervisory Authority (NAMFISA) participated in the just concluded 44th bi-annual meeting of the Committee of Insurance, Securities and Non- Banking Financial Authorities (CISNA).
During the said meeting that took place virtually from 26 – 28 May 2021, NAMFISA employees who elected to various positions; Kenneth Matomola as chairperson of CISNA and its Governance Council, Grace Mohamed as chairperson of the Insurance, Retirement Funds, Medical Aid Schemes and Intermediaries Subcommittee (IRMIS) and Simana Chimana as chairperson of the Micro Finance and Financial Cooperatives Subcommittee.
Absalom Kapenda was elected as member of the Capital Markets Subcommittee
Established in 1998, CISNA consists of the non-banking financial institution authorities, namely, capital markets, collective investment schemes, insurance companies, retirement funds, microlenders, financial co-operatives and providers of intermediary services in the SADC.

CISNA is governed by the Governance Council and has four key focus areas, namely:
Harmonisation – To harmonise and enhance the effectiveness of regional financial regulatory and supervisory frameworks in line with global regulatory principles, standards and best practices.
Capacity building and co-operation – To facilitate the development of competent capacity to regulate in order to ensure that CISNA is able to execute on its mandate.

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Market development – To foster liaison, co-operation, and exchange of information between CISNA and regional and international bodies and agencies.

Consumer protection and education – To foster fair treatment of consumers and investors.

NAMFISA’s CEO and now the incoming Chairperson of CISNA and its Governance Council assured fellow Regulators that the legacy and firm foundation laid by the outgoing Chairperson would continue and improved upon, ensuring best practice harmonization and collaboration of financial regulatory authorities within the SADC Region.

NAMFISA has been a leader in regulating and supervising the non-banking sector within the SADC Region.

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As a highly regarded regulator, NAMFISA has assisted a number of regional bodies in improving regulatory and supervisory functions.

Financial Regulators that benefited from engagements with NAMFISA include Botswana’s Non-Bank Financial Institutions Regulatory Authority (NBFIRA), the Tanzania Insurance Regulatory Authority (TIRA) and Eswatini’s Financial Services Regulatory Authority (FSRA), as well as the Securities and Exchange Commission of Zimbabwe (SECZ), amongst others.