Kenneth Matomola

NAMFISA posts revenue of N$247 million

NAMFISA posts revenue of N$247 million

Martin Endjala The Namibia Financial Institutions Supervisory Authority (NAMFISA) disclosed a total income of N$246.7 million for the financial year ending 31 March 2023. This came with a total expenditure of N$260.6 million, marking a 4.3 percent (N$10.8 million) rise compared to the previous financial year. Kenneth Matomola, the Authority's Chief Executive Officer, revealed this financial snapshot yesterday during the unveiling of its annual report. Matomola said that despite facing significant challenges, notably the COVID-19 pandemic, Russia’s invasion of Ukraine, and surging commodity prices, the Authority sustained its mandate delivery. NAMFISA, he asserted, is concentrated on maintaining the financial stability…
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Compulsory pension savings on horizon ….no withdrawal of 75 percent of pension money until 55 years

Compulsory pension savings on horizon ….no withdrawal of 75 percent of pension money until 55 years

Tujoromajo Kasuto The Namibia Financial Institutions Supervisory Authority (NAMFISA) Deputy Chief Executive Officer, Erna Motinga cautioned the Namibian public against mass resignations in an attempt to Access their pension savings, because of the introduction of compulsory preservation of retirement benefits for people who withdraw from their retirement funds before retirement age. In terms of this new regulation when someone resign, change jobs or stop working they will be required to preserve 75 percent of their minimum individual pension reserve, until the prescribed early retirement age of 55 years. This has ignited heated public debate on social media and news platforms,…
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