The Namibia Financial Institutions Supervisory Authority (NAMFISA) has formally signed on to the Cape Town Declaration on Inclusive Insurance, aligning the country’s non-banking financial sector with global efforts to broaden insurance access.
According to the regulator, the Declaration represents a voluntary international commitment implemented through the Access to Insurance Initiative (A2ii) and convened by the Consultative Group to Assist the Poor (CGAP). By endorsing the framework, NAMFISA reinforces its dedication to fostering more accessible and inclusive insurance markets.
NAMFISA now joins insurance supervisors committed to promoting inclusive insurance through regulatory cooperation, knowledge-sharing, innovation and proportionate supervisory approaches.
The authority emphasised that despite the important role of insurance in promoting financial security, affordability and accessibility, limited awareness continues to present barriers to insurance uptake, particularly among underserved segments of the population.
Through its participation in the Declaration, NAMFISA will contribute to international supervisory dialogue, exchange regulatory experiences and draw on global research and practical insights to inform the development of an enabling regulatory environment for inclusive insurance in the country.
Commenting on the significance of this commitment, NAMFISA Chief Executive, Kenneth Matomola, stated that insurance should not be only accessible to a few, but rather an important financial protection mechanism available to all segments of society.
“NAMFISA’s endorsement of the Cape Town Declaration reinforces our commitment to fostering a regulatory environment that supports accessible, affordable and appropriate insurance solutions, while maintaining sound prudential oversight and protecting consumers. Through collaboration with fellow supervisors, we aim to translate international knowledge and experience into practical supervisory approaches that advance financial inclusion in Namibia,” he concluded.
(from left): NAMFISA Chief Executive, Kenneth Matomola, alongside Mamadou Deme, Director of Insurance at the Ministry of Finance and Budget in Senegal.
