Chamwe Kaira
The Namibia Deposit Guarantee Authority (NDGA) says the country’s Deposit Guarantee Scheme covers more than 90% of current depositors.
The figures are contained in the NDGA’s three-year strategic plan for 2026 to 2028, which sets out the institution’s priorities for the next three years.
The Deposit Guarantee Scheme allows depositors to access all or part of their money within a set period if a bank fails. It aims to prevent panic withdrawals by assuring depositors that their funds are protected. All Namibian banking institutions, branches of foreign banks and building societies must join the scheme and pay annual premiums.
Under the scheme, each depositor is covered up to N$50 000 per member institution. The limit was increased from N$25 000 under revised regulations published in government gazette No. 8842.
The NDGA was established in 2018 to protect depositors by compensating them if a commercial bank fails. Its mandate is to strengthen consumer protection and support financial system stability.
The 2026–2028 plan builds on the first strategic plan for 2023 to 2025, during which the NDGA recorded an execution rate of 96.7%.
Over the past three years, NDGA managed the Deposit Guarantee Fund in line with its investment policy, became a member of the International Association of Deposit Insurers, formed partnerships with other deposit insurance institutions, increased the coverage limit and rolled out public awareness programmes.
Deputy chairperson of the NDGA board Linda Dumba Chicalu said the new plan seeks to build on progress made and position the Authority as a future-ready institution committed to protecting depositors’ funds.
The plan focuses on five objectives. These include growing and managing the Deposit Guarantee Fund, strengthening operational processes, improving stakeholder engagement, building staff capacity and reinforcing governance structures.
NDGA head Florette Nakusera said the authority remains committed to carrying out its mandate and strengthening partnerships while maintaining sound operations and governance.
