WINDHOEK, Namibia — The Namibia Financial Institutions Supervisory Authority (Namfisa) commenced construction of its new headquarters with a groundbreaking ceremony on Wednesday. The event marked the start of building the new multimillion-dollar, 10-story office complex located on Independence Avenue in the capital.

According to Namibia Press Agency, the N.dollars 236.8 million project will be a collaboration between Adaptive Building Land Constructions and China State Construction Engineering Corporation. The new headquarters is designed to support Namfisa’s growth and adapt to future challenges in financial supervision. “This new office space is not just a building but a step forward in enhancing our operational efficiency and effectiveness, ensuring our team is well-equipped to meet our regulatory responsibilities,” Matomola stated at the ceremony.

The new structure will feature six floors of office space and four floors dedicated to parking, catering to both the operational needs of Namfisa and logistical considerations. The authority, established by the Namfisa Act of 2001, plays a crucial role in regulating financial institutions and advising the Minister of Finance on matters concerning non-banking financial sectors.

Matomola emphasized the importance of the new headquarters in fulfilling Namfisa’s mandate. “Our new headquarters will symbolize stability and progress, embodying our commitment to protect consumers and investors and uphold the integrity of Namibia’s financial system,” he remarked.