Banking Supervision

The mission of Banking Supervision Department is to provide a regulatory and supervisory oversight on banking institutions, which is necessary to develop and promote a sound and stable banking system. Alongside this mission, is the further objective of protecting the interests of depositors who place their savings with banking institutions.

Functions

In order to achieve it's mission, the department has adopted a structure consisting of three divisions: Analysis and Examinations, Policy & Regulation and Payment System.

The main responsibilities of the department are to:

• Provide a mechanism for on-going off-site surveillance of the banking system and of the individual banking institutions;
• Procure information and data from banking institutions for analysis and ultimately for establishing financial performance and condition of the individual banking institutions and the banking system as a whole;
• Monitor compliance with banking legislation, determinations, directives, circulars and prudential requirements and for the formulation of regulatory responses to identified weaknesses in individual banking institutions.
• Develop appropriate banking legislation and formulate prudential banking risk management requirements for the banking sector.
• Screen applications to establish banking business.
• Conduct on-site examinations (inspections) of banking institutions aimed at assessing and verifying the condition of banking institutions and to verify compliance with the banking legislation, directives and circulars.
• Conduct ad-hoc investigations on suspected violations of the Banking Institutions Act in particular the conducting banking business without the Bank of Namibia’s authorization.

Departmental Management

Contacts

General inquiries to the Department may be directed to the Director's office at:

Tel: +264 61 283 5041
Fax: +264 61 283 5228
Email: Senior Administration Assistant