NAMIBIAN BANKING INDUSTRY REGULATORY BODIES TAKE CENTER STAGE
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The Banking Supervision Department of the Bank of Namibia plays a crucial role in promoting a stable and inclusive banking system, ensuring that depositors’ interests are protected and financial stability is maintained.
Key Functions
- Providing regulatory oversight to banks, building societies, and credit bureaus
- Resolving customer complaints
- Protecting depositor interests
- Promoting stakeholder engagement through financial regulation and consumer protection
- Driving digital transformation
The department’s key functions contribute to safeguarding financial stability, promoting stakeholder engagement, and driving digital transformation. The department is comprised of three divisions:
Divisions
- Off-site Analysis Division: Conducts off-site analysis techniques to continuously assess existing and potential risks to banks.
- On-site Examinations Division: Conducts on-site examinations of banking institutions to assess their risk profiles and capital adequacy.
- Policy and Regulations Division: Formulates regulatory responses to identified weaknesses in individual banking institutions, develops appropriate banking legislation, and sets prudential banking risk management requirements for the sector.
Regulatory Responsibilities
The department’s regulatory responsibilities include:
- Monitoring compliance with banking legislation, determinations, directives, circulars, and prudential requirements
- Formulating regulatory responses to identified weaknesses in individual banking institutions
- Developing appropriate banking legislation
- Setting prudential banking risk management requirements for the sector
In addition, the department conducts:
Investigations and Examinations
- On-site examinations of banking institutions to assess their risk profiles and capital adequacy
- Ad-hoc investigations into suspected violations of the Banking Institutions Act
- Investigations into any banking business conducted without authorization from the Bank of Namibia
The Bank of Namibia has adopted a risk-based supervision approach, which emphasizes understanding and assessing the adequacy of each banking institution’s risk management systems.
Departmental Management
- 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 general inquiries regarding the Banking Supervision Department, please contact the Director’s Office at [insert contact details].