Financial Crime World

Namibia’s Financial Regulators: Shaping a Secure and Inclusive Banking Sector

The Bank of Namibia’s Banking Supervision Department plays a vital role in safeguarding Namibia’s financial sector, ensuring its stability and integrity. This function is essential and consists of regulating and supervising banking institutions, building societies, credit bureaus, handling customer complaints, and protecting depositors’ interests.

Bank of Namibia’s Four Key Pillars

The Banking Supervision Department is a crucial component of the Bank of Namibia’s four key pillar strategy:

  1. Safeguarding Financial Stability
  2. Ensuring Stakeholder Engagement
  3. Digital Transformation
  4. Organizational Efficiency

The department’s role:

  • Deter illegal financial schemes
  • Supervise deposit-taking institutions
  • Promote financial sector development
  • License banking institutions
  • … and more

Divisions of the Banking Supervision Department

The department’s functions are executed through three primary divisions:

  1. Off-site Analysis: Conduct ongoing surveillance of the banking system and credit bureaus.
  2. On-site Examinations: Assess banking institutions’ risk profiles and regulatory compliance through on-site inspections.
  3. Policy and Regulations: Develop regulatory responses, prudential banking risk management requirements, and appropriate banking legislation.

The Department’s Supervisory Approach

The Bank of Namibia employs a risk-based supervisory strategy, emphasizing interaction between the regulator and financial institutions. This approach involves:

  1. Understanding each institution’s risk management systems
  2. Continuous assessment through on-site inspections and off-site monitoring techniques

Key Personnel

  • Mr. Imanuel Hawanga: Deputy Director, Off-site Analysis Division
  • Ms. Karin Elago: Deputy Director, On-site Examinations Division
  • Mr. Elifas Kamati: Deputy Director, Policy and Regulations Division

Contact Information

For further information about Namibia’s Banking Supervision Department, contact the Director’s Office:

  • Ms A. Plaatje
  • Director: Banking Supervision
  • [Bank of Namibia contact information]