WINDHOEK: The Namibia Financial Institutions Supervisory Authority (Namfisa) held a groundbreaking ceremony on Wednesday for the construction of its new multimillion-dollar headquarters on Independence Avenue in the capital.

The 10-story building, with a budget of N.dollars 236.8 million, will be constructed by a joint venture between Adaptive Building Land Constructions and China State Construction Engineering Corporation.

Namfisa Chief Executive Officer, Kenneth Matomola, said building new headquarters shows growth and future vision.

‘This new office space is designed to foster collaboration, enhance productivity, and streamline our operations. By investing in modern infrastructure, we are ensuring that our team has the tools and environment needed to deliver on our mandate more effectively and efficiently,’ Matomola said during the groundbreaking ceremony.

He said the new office building will consist of four floors dedicated to parking and six floors designated for office space.

According to the Namfi
sa Act of 2001, the authority is responsible for overseeing financial institutions and financial services, as well as providing advice to the Minister of Finance regarding non-banking financial institutions.

‘To ensure the successful execution of this noble mandate, Namfisa requires a conducive environment to operate from, namely office premises that are fit for purpose. Our new headquarters will be a beacon of stability and progress, reflecting our dedication to safeguarding the interests of consumers and investors, and maintaining the integrity of the financial system while remaining financially sustainable,’ Matomola said.

Source: The Namibia News Agency