Regional bodies play important roles: !Gawaxab

Bank of Namibia (BoN) Governor, Johannes !Gawaxab, has emphasised the important role regional bodies play in dissecting key lessons from crises, anticipating threats before they occur, and reinforcing regulatory frameworks to enhance preparedness.

Such bodies, according to the governor, include the Council Meeting of the Committee of Insurance, Securities, and Non-Banking Financial Authorities (CISNA), which forms part of the Directorate of Finance, Investment, and Customs of the Southern African Development Community (SADC) Secretariat.

CISNA’s mandate is to ensure that the non-bank financial services regulatory frameworks are harmonised and comply with the best international practices, standards, and principles as set by the relevant international standard-setting bodies.

‘Domestic savings form the bedrock of economic growth, providing the resources needed for investment. Within the financial landscape, the non-banking financial institution (NBFI) sector holds considerable importance, accounting for
a substantial portion of assets within the financial sector,’ he expressed.

!Gawaxab made these remarks at the opening ceremony of the 46th General Council Meeting of CISNA in Swakopmund on Tuesday, where he noted that in Namibia, the NBFI sector’s total assets stood at approximately N.dollars 366.2 billion as of December 2022, constituting about 68.8 per cent of the financial sector’s total assets.

Additionally, the sector provides a base to offer diversified funding sources to address critical gaps, and CISNA has a key role to play in stimulating intra-regional investment and mobilizing resources for economies.

The meeting, which is being hosted by the Namibia Financial Institutions Supervisory Authority (Namfisa), serves as a platform for the CISNA members to exchange insights, learn from one another, and enhance mutual understanding, while also underscoring collective responsibility to safeguard the financial stability of respective countries.

Governor of the Erongo Region, Neville Andre Itope, acknow
ledged the importance of collective efforts, adding that working together can address the complex issues that industries face, establish best practices, and ensure the well-being and stability of financial markets.

‘In a world where the economic dynamics are ever-evolving, commitment to fostering stability, consumer protection and financial inclusion within the financial systems must take center stage,’ the governor indicated.

The Bank of Tanzania signed a Memorandum of Understanding with CISNA at the start of the five-day meeting.

Source: Namibia Press Agency