If you’re looking to become a microlender in Namibia, registration with the Namibia Financial Institutions Supervisory Authority (NAMFISA) is a legal necessity. This guide outlines the process to simplify your journey and ensure compliance with regulations.
What is NAMFISA?
NAMFISA regulates non-banking financial institutions in Namibia, safeguarding fair practices in sectors such as insurance, pension funds, and microlending. Registration ensures financial accountability and legal operation.
Why Register?
- Legality: Operating without NAMFISA registration can result in legal consequences.
- Trust: Registration enhances credibility among clients and partners.
- Compliance: Aligns your business with national anti-money laundering laws.
The Registration Process
- Prepare the Application:
- Complete the official NAMFISA application form.
- Provide details like business structure, registered name, and tax registration number.
- Gather Required Documents:
- Proof of start-up capital and its source.
- Copies of identification, qualifications, and a CV for all key personnel.
- Anti-money laundering compliance program documentation.
- A standard written loan agreement.
- Submit Supporting Materials:
- Certified legal documents (e.g., trust deeds or company memorandums).
- Banking details and proof of payment for the application fee.
- Declaration:
- The applicant must affirm that all information is accurate and comply with required declarations before a Commissioner of Oaths.
- Review and Approval:
- NAMFISA evaluates the application for adherence to regulations.
- Successful applications are granted a certificate of registration.
Key Considerations
- Honesty and Integrity: Applicants and key personnel must disclose any past legal or financial irregularities.
- Documentation Quality: Incomplete or inaccurate submissions can delay approval.
- Fees: Payment of the application fee is mandatory.
Why Compliance Matters
NAMFISA ensures that microlenders operate fairly and transparently, reducing risks of fraud and financial misconduct. By registering, you demonstrate a commitment to these standards, benefiting both your business and clients.
For detailed instructions, including the application form and required attachments, visit the NAMFISA website.