NAMFISA reports asset growth and higher complaints in financial sector
Photo credit: James Cullen
The Namibia Financial Institutions Supervisory Authority (NAMFISA) has reported that the country’s non-banking financial institutions sector continued to grow in the third quarter of 2025, with total assets reaching N$528.2 billion, despite ongoing compliance challenges in certain parts of the industry.
In its Third Quarter 2025 Quarterly Statistical Bulletin, NAMFISA reported that assets grew by 5.3 percent from the previous quarter and 14.8 percent year-on-year, supported by strong market performance and sustained demand across insurance, retirement, and investment products.
The reporting period covered 1 July to 30 September 2025.
Sector overview
The regulatory body and supervisor of non-banking financial institutions said that as of the end of September, the non-banking financial institutions sector comprised 1,142 active entities and 15,406 registered intermediaries. The sector includes insurers, medical aid funds, retirement funds, friendly societies, capital market institutions, and microlenders.
Pension funds, long-term insurers, and collective investment schemes accounted for more than 91 percent of total sector assets.
Compliance remains uneven
NAMFISA indicated that regulatory compliance across the sector remained mixed. Nearly 60 percent of entities were fully compliant, while 4.1 percent were classified as non-compliant.
Most non-compliant entities were microlenders, accounting for 83 percent of those classified at the highest risk stages. Common breaches included failure to submit regulatory returns, non-payment of levies, and repeated disregard for inspection findings.
Photo credit: https://www.iowaattorneygeneral.gov/
Consumer complaints rise year-on-year
The authority recorded 98 consumer complaints during the quarter. While this was a 6.7 percent decline from the previous quarter, complaints rose by 22.5 percent compared to the same period in 2024.
More than 82 percent of complaints were resolved, with most concluded within NAMFISA’s 40-day service-level timeframe. A total of N$157,105 was awarded to consumers, with short-term insurance accounting for the largest share of complaints.
Industry performance
Long-term insurance assets rose to N$93.1 billion, while short-term insurance assets reached N$10.1 billion. Medical aid funds posted a net surplus of N$129.5 million and recorded membership growth to nearly 224,000 beneficiaries.
Retirement fund assets increased to N$288.6 billion, supported by gains across asset classes. Collective investment schemes and linked investment service providers also posted double-digit year-on-year growth.
The microlending sector recorded a loan book of N$7.8 billion, slightly down from the previous quarter, though higher than a year earlier.
Outlook
NAMFISA says the sector remains resilient, supported by strong investment performance and ongoing regulatory oversight. The authority expects stable growth in the short to medium term.
The full Third Quarter 2025 Quarterly Statistical Bulletin is available on NAMFISA’s website.