NAMFISA is a public body established in terms of the Namibia Financial Institutions Supervisory Authority Act, 2001(Act No. 3 of 2001), the Act, and is tasked with the responsibility of regulating and supervising non-banking financial institutions in Namibia. It operates under the auspices of the Ministry of Finance, and it has no profit motive. Its operations are fully financed through imposition of levies, registration and penalty fees on financial institutions under its regulation.

In terms of Section 3 of the Act, the Authority’s functions are as follow

• To exercise supervision in terms of this Act or any other law, over the business of financial institutions and over financial services;

• To advise the Minister on matters related to financial institutions and financial services, whether of its own accord or at the request of the Minister;

NAMFISA regulates and supervises a broad range of institutions, which include pension and retirement Funds, long-term Insurance, short-term Insurance, medical aid schemes, friendly societies, unit trust management schemes, the stock exchange, asset managers, participation bond schemes, public accountants' and auditors', micro lenders, and hire purchase outlets.

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