NAMFISA gives fund administrators one year to register under new law

Allexer Namundjembo

The Namibia Financial Institutions Supervisory Authority (NAMFISA) has given administrators of pension funds, medical aid funds, and friendly societies 12 months to formally register under the Financial Institutions and Markets Act (FIMA), warning that those who fail to comply could face regulatory action.

The requirement follows the coming into force of FIMA on 1 May 2026, which expanded NAMFISA’s supervisory mandate to include administrators of pension funds, medical aid funds, and friendly societies.

While existing administrators are deemed to be registered under the new legislation, they are required to submit formal applications for registration within 12 months of the commencement of Chapter 8 of the Act.