FIMA: what Namibia’s new financial law means for your business, and what we do about it.
The Financial Institutions and Markets Act, in force since 1 May 2026: employers, brokers and administrators, registered firms and businesses seeking investment.
Employers with staff in a pension fund
Contributions must reach the fund within seven days after month-end, and the directors who run the finances are personally liable.
- Pay in full by the 7th of the following month (section 270(3))
- Contribution schedule by the 15th if it does not go with the payment (section 270(2))
- Interest on late payment; unpaid contributions rank first on insolvency (sections 270(9) and (11))
- Offence: fine up to N$2.5 million, up to five years, or both (section 270(13))
Compliance retainer with a free monthly FIMA contribution check: From N$800 a month
Brokers, administrators and advisors
Deemed registrations under the old laws last only 12 months. Apply to NAMFISA in time or the registration is cancelled.
- Brokers and administrators: apply within 12 months of commencement (sections 60 and 369)
- Miss it and the deemed registration is cancelled; carrying on is an offence up to N$5 million or 10 years
- Fit and proper reaches every controlling owner, director and the principal officer (sections 3 and 58)
- Principal office and a resident principal officer in Namibia (section 61)
FIMA Registration Pack: N$4,500 individual, N$9,500 firm
Firms already registered with NAMFISA
Registration comes with a calendar of notices, renewals and returns, and NAMFISA can fine up to N$10 million without going to court.
- Financial year-end notice within 30 days of registration (section 390)
- Changes of principal officer, office or location within 30 days (section 392)
- Broker renewal every year by 31 March (section 59(7)); directors return after the annual meeting (section 403)
- Administrative sanctions up to N$10 million, payable personally by the individual responsible (section 439)
FIMA Compliance Retainer: N$1,500 a month
Businesses and projects seeking investment
Pension money reaches Namibian companies through registered managers and SPVs, and only when the company and the project are ready.
- Pension funds must hold 1.75% to 3.5% in unlisted Namibian investments, through SPVs
- N$6.4 billion committed to unlisted investments by mid-2026 (NAMFISA)
- Managers ask six questions: fit, governance, cash flow, risk, capability, additionality
- Old investment regulations stay in force until replaced under FIMA (Schedule 3)
Investor-Ready Pack: N$15,000 business, N$35,000 project company
The dates that matter
| When | What | Reference |
|---|---|---|
| 1 May 2026 | FIMA and the new NAMFISA Act in force; Pension Funds Act repealed | GN 147/2026 |
| 7th of every month | Last month’s retirement fund contributions must reach the fund | s270(3) |
| 15th of every month | Contribution information, if it did not go with the payment | s270(2) |
| 1 November 2026 | Six months passed: transitional cover for newly regulated persons (unless NAMFISA extended it, to 12 months at most) and the deadline for financial institutions to bring their rules into line | s388; Sch 3 para 2(2) |
| 31 March, every year | Insurance broker registrations renew | s59(7) |
| About 30 April 2027 | Brokers and administrators must have applied for registration under FIMA, or lose their deemed registration | s60, s369 |
| Within 30 days of a change | Notify NAMFISA of a new principal officer, office address or business location | s392 |
| Until 1 May 2029 | NAMFISA can still investigate and prosecute breaches of the old laws from the three years before FIMA | Sch 3 para 6 |
Frequently asked questions
What is FIMA?
The Financial Institutions and Markets Act 2 of 2021, brought into force on 1 May 2026. It replaces the Pension Funds Act and consolidates the law for insurers and insurance intermediaries, financial markets, collective investment schemes, retirement funds, friendly societies, medical aid funds and their administrators, all supervised by NAMFISA.
Does FIMA affect my business if I am not in financial services?
Yes, if your staff belong to a retirement fund. Section 270 requires contributions to reach the fund within seven days after month-end and makes the directors who run the company’s finances personally liable. Late or short payment is an offence with a fine of up to N$2.5 million.
When must brokers re-register?
Brokers and administrators registered under the old laws are deemed registered under FIMA but must apply within 12 months after commencement, which on a 1 May 2026 start points to the end of April 2027. If they do not, the deemed registration is cancelled.
Can my employer deduct losses from my pension?
Not for theft, fraud or misconduct any more. Section 277 lists what a fund may deduct, such as tax, certain loans, medical aid, insurance premiums and maintenance orders, and losses caused to the employer are not on the list.
What penalties can NAMFISA impose?
Besides criminal offences, NAMFISA can issue warnings and directives, require compliance programmes, suspend or cancel registrations, and impose financial penalties of up to N$10 million, which it can direct the responsible individual to pay (section 439).
Does Chrimson give legal or financial advice on FIMA?
No. We prepare and file registrations, keep company and NAMFISA records current and prepare businesses for investors. Legal questions go to our partner lawyer, and investment decisions belong to the investor.