Windhoek: Namibia Financial Institutions Supervisory Authority (Namfisa) Chief Executive Officer, Kenneth Matomola, has announced that the Financial Institutions and Markets Act (FIMA) and the Namfisa Act came into operation on 01 May 2026. Matomola made the announcement on Tuesday during a government information-sharing session in Windhoek. According to Namibia Press Agency, Matomola stated that Namfisa undertook a comprehensive review and restructuring of legislation governing the non-banking financial sector. This review resulted in Parliament enacting the Financial Institutions and Markets Act of 2021 and the Namfisa Act of 2021. He noted that the Minister of Finance determined through a notice in the Government Gazette that both FIMA and the Namfisa Act have been operational since 01 May 2026. Matomola highlighted that the two Acts aim to modernise and strengthen the regulation of the non-banking financial sector. He explained that both FIMA and the Namfisa Act focus on protecting ordinary Namibians an d bolstering trust in the financial system. He further mentioned that the pension preservation regulations are currently on hold pending further review. Matomola clarified that after revisions, the Minister of Finance will review the regulation to decide on its implementation. To address public concerns regarding FIMA's impact on retirement benefit payouts, Matomola assured that existing pension commutation rules remain unchanged. He detailed that the payment of one-third cash benefits for pension funds, retirement annuities, and preservation funds, along with the 100 per cent lump-sum entitlement offered by some private institutions, continues to be governed by the Income Tax Act No. 24 of 1981. Matomola asserted that FIMA does not constitute a pension preservation law but serves as a broad regulatory framework for the non-banking financial sector to enhance consumer protection, financial stability, and fair market conduct. He noted that FIMA modernises Namfisa's supervision of financial institutions t o ensure better consumer protection.