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Namibia’s Financial Regulatory Bodies: Ensuring Stability and Oversight

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The Bank of Namibia has a dedicated department responsible for maintaining a stable and inclusive financial system, as well as ensuring effective macroprudential oversight. The Financial Stability and Macroprudental Oversight Department plays a crucial role in supporting the bank’s efforts to promote growth and development in the financial sector and the Namibian economy as a whole.

Functions

The department comprises three key functions:

• Financial Stability and Macroprudential Surveillance: This function is responsible for monitoring the financial system in Namibia, including financial markets, instruments, institutions, and infrastructure. This involves input from various stakeholders, including the Namibia Financial Institutions Supervisory Authority (NAMFISA), the Ministry of Finance, and other relevant parties.
• Resolution and Deposit Insurance: The Resolution and Deposit Insurance functions work together to ensure the existence and operationalisation of an effective resolution framework for failing financial institutions. This framework aims to minimize the devastating impacts associated with bank failure by ensuring the resolvability of systemically important banking institutions (SIFIs).
  • The Namibia Deposit Guarantee Authority (NDGA) is also responsible for managing the Deposit Guarantee Scheme, which protects depositors against loss in the event of a bank failure.

Departmental Management

The department is managed by:

• Mr. Petrus Shifotoka, Deputy Director: Resolution and Manager of Operations at NDGA,
• Ms. Anna William, Deputy Director: Financial Stability and Macroprudential Surveillance

Contacts

For general inquiries about the Financial Stability and Macroprudential Oversight Department, contact:

• Ms. Florette Nakusera, Director of the department and Head of NDGA