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REPORT IT: Whistle-blowers can report via a toll-free number (0800 222 333), fax (0800 00 77 88) or email  (namfisa@tips-off.com), 24 hours a day, seven days a week. Whistle-blowers can be assured that their  identities will be protected, and their concerns treated with the utmost importance. Photo: Contributed
REPORT IT: Whistle-blowers can report via a toll-free number (0800 222 333), fax (0800 00 77 88) or email ([email protected]), 24 hours a day, seven days a week. Whistle-blowers can be assured that their identities will be protected, and their concerns treated with the utmost importance. Photo: Contributed

Namfisa's whistle-blower hotline promotes accountability, transparency

Gervasius Matheus
On 2 July 2018, the Namibia Financial Institutions Supervisory Authority (Namfisa) launched a whistle-blower hotline aimed at promoting transparency and accountability within the country’s non-bank financial sector. The initiative marked a significant step towards enhancing public trust in these institutions and safeguarding consumer interests.

Whistle-blowing involves reporting any wrongdoing, misconduct or illegal activities within an organisation. It is crucial for exposing corruption, fraud and unethical practices that can have severe repercussions on the economy and the public. Namfisa's whistle-blower hotline encourages employees, customers and stakeholders to report suspicious activities within the non-bank financial sector, aligning with the organisation’s mandate to protect consumer interests, maintain sector stability and ensure fair and ethical practices.

The importance of this hotline cannot be overstated. Whistle-blowers often access vital information that can uncover fraudulent schemes, the mismanagement of funds or other illegal activities. By providing a safe and anonymous reporting platform, Namfisa aims to create an environment where individuals feel empowered to speak up without fear of exposure.

One of the key benefits of the hotline is its potential to deter wrongdoing within non-bank financial institutions. Knowing that stakeholders, including employees and customers, can report misconduct without fear of reprisal creates a strong deterrent effect, potentially reducing the likelihood of fraudulent activities. This helps to strengthen the overall integrity of Namibia’s non-bank financial sector.



Identify and address malpractice

Moreover, the whistle-blower hotline serves as a mechanism to identify and address malpractice within the industry. By encouraging individuals to report suspicious activities, Namfisa can swiftly investigate and take appropriate action to mitigate potential threats to financial stability. This initiative benefits the entire economy and safeguards consumer interests.

Additionally, the hotline enhances public trust in financial system. When individuals witness the authority taking decisive action against wrongdoers, they are more likely to have confidence in the sector. This trust is crucial for attracting investments, fostering economic growth, and maintaining a stable financial environment.

To ensure the success of the whistle-blower hotline, Namfisa has implemented robust measures to protect the confidentiality and anonymity of whistle-blowers. Reporting channels have been established, and stringent protocols are in place to manage and investigate each case. Whistle-blowers can report via a toll-free number (0800 222 333), fax (0800 00 77 88) or email ([email protected]), 24 hours a day, seven days a week. Whistle-blowers can be assured that their identities will be protected, and their concerns treated with the utmost importance.



**Gervasius Matheus is an internal auditor at the Namibia Financial Institution Supervisory Authority (Namfisa).

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Namibian Sun 2024-07-17

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Currie Cup: NovaVit Griffons 10 vs 52 Vodacom Bulls Rugby World Cup U20: New Zealand U20 31 vs 55 France U20 | Australia U20 36 vs 29 Wales U20 | England U20 31 vs 20 Ireland U20 | Georgia U20 40 vs 36 Fiji U20 | Argentina U20 34 vs 24 South Africa U20 | Italy U20 28 vs 15 Spain U20 Katima Mulilo: 12° | 32° Rundu: 12° | 33° Eenhana: 11° | 33° Oshakati: 11° | 31° Ruacana: 14° | 31° Tsumeb: 15° | 29° Otjiwarongo: 9° | 28° Omaruru: 9° | 27° Windhoek: 8° | 23° Gobabis: 10° | 28° Henties Bay: 11° | 17° Wind speed: 18km/h, Wind direction: S, Low tide: 06:18, High tide: 12:50, Low Tide: 18:28, High tide: 00:54 Swakopmund: 13° | 15° Wind speed: 23km/h, Wind direction: SW, Low tide: 06:16, High tide: 12:48, Low Tide: 18:26, High tide: 00:52 Walvis Bay: 11° | 20° Wind speed: 28km/h, Wind direction: SW, Low tide: 06:16, High tide: 12:47, Low Tide: 18:26, High tide: 00:51 Rehoboth: 9° | 25° Mariental: 9° | 26° Keetmanshoop: 9° | 23° Aranos: 9° | 27° Lüderitz: 10° | 18° Ariamsvlei: 9° | 21° Oranjemund: 10° | 18° Luanda: 20° | 22° Gaborone: 11° | 28° Lubumbashi: 12° | 29° Mbabane: 12° | 28° Maseru: 5° | 21° Antananarivo: 8° | 24° Lilongwe: 15° | 27° Maputo: 16° | 32° Windhoek: 8° | 23° Cape Town: 11° | 14° Durban: 14° | 27° Johannesburg: 12° | 22° Dar es Salaam: 21° | 29° Lusaka: 15° | 28° Harare: 13° | 27° Currency: GBP to NAD 23.64 | EUR to NAD 19.87 | CNY to NAD 2.5 | USD to NAD 18.18 | DZD to NAD 0.13 | AOA to NAD 0.02 | BWP to NAD 1.3 | EGP to NAD 0.37 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.69 | ZWL to NAD 0.04 | BRL to NAD 3.33 | RUB to NAD 0.21 | INR to NAD 0.22 | USD to DZD 133.89 | USD to AOA 872.64 | USD to BWP 13.49 | USD to EGP 48.17 | USD to KES 129.98 | USD to NGN 1555 | USD to ZAR 18.18 | USD to ZMW 26.05 | USD to ZWL 321 | Stock Exchange: JSE All Share Index Same 0 | Namibian Stock Exchange (NSX) Overall Index 1783.48 Down -2.4% | Casablanca Stock Exchange (CSE) MASI 13456.34 Up +0.17% | Egyptian Exchange (EGX) 30 Index 27828.92 Down -0.44% | Botswana Stock Exchange (BSE) DCI 9380.4 Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 472.15/OZ UP +0.15% | Copper US$ 4.43/lb DOWN -0.007 | Zinc US$ 2 886.80/T DOWN -0.55% | Brent Crude Oil US$ 84.50/BBP UP +0.38% | Platinum US$ 1 018.09/OZ UP +1.54% Sport results: Currie Cup: NovaVit Griffons 10 vs 52 Vodacom Bulls Rugby World Cup U20: New Zealand U20 31 vs 55 France U20 | Australia U20 36 vs 29 Wales U20 | England U20 31 vs 20 Ireland U20 | Georgia U20 40 vs 36 Fiji U20 | Argentina U20 34 vs 24 South Africa U20 | Italy U20 28 vs 15 Spain U20 Weather: Katima Mulilo: 12° | 32° Rundu: 12° | 33° Eenhana: 11° | 33° Oshakati: 11° | 31° Ruacana: 14° | 31° Tsumeb: 15° | 29° Otjiwarongo: 9° | 28° Omaruru: 9° | 27° Windhoek: 8° | 23° Gobabis: 10° | 28° Henties Bay: 11° | 17° Wind speed: 18km/h, Wind direction: S, Low tide: 06:18, High tide: 12:50, Low Tide: 18:28, High tide: 00:54 Swakopmund: 13° | 15° Wind speed: 23km/h, Wind direction: SW, Low tide: 06:16, High tide: 12:48, Low Tide: 18:26, High tide: 00:52 Walvis Bay: 11° | 20° Wind speed: 28km/h, Wind direction: SW, Low tide: 06:16, High tide: 12:47, Low Tide: 18:26, High tide: 00:51 Rehoboth: 9° | 25° Mariental: 9° | 26° Keetmanshoop: 9° | 23° Aranos: 9° | 27° Lüderitz: 10° | 18° Ariamsvlei: 9° | 21° Oranjemund: 10° | 18° Luanda: 20° | 22° Gaborone: 11° | 28° Lubumbashi: 12° | 29° Mbabane: 12° | 28° Maseru: 5° | 21° Antananarivo: 8° | 24° Lilongwe: 15° | 27° Maputo: 16° | 32° Windhoek: 8° | 23° Cape Town: 11° | 14° Durban: 14° | 27° Johannesburg: 12° | 22° Dar es Salaam: 21° | 29° Lusaka: 15° | 28° Harare: 13° | 27° Economic Indicators: Currency: GBP to NAD 23.64 | EUR to NAD 19.87 | CNY to NAD 2.5 | USD to NAD 18.18 | DZD to NAD 0.13 | AOA to NAD 0.02 | BWP to NAD 1.3 | EGP to NAD 0.37 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.69 | ZWL to NAD 0.04 | BRL to NAD 3.33 | RUB to NAD 0.21 | INR to NAD 0.22 | USD to DZD 133.89 | USD to AOA 872.64 | USD to BWP 13.49 | USD to EGP 48.17 | USD to KES 129.98 | USD to NGN 1555 | USD to ZAR 18.18 | USD to ZMW 26.05 | USD to ZWL 321 | Stock Exchange: JSE All Share Index Same 0 | Namibian Stock Exchange (NSX) Overall Index 1783.48 Down -2.4% | Casablanca Stock Exchange (CSE) MASI 13456.34 Up +0.17% | Egyptian Exchange (EGX) 30 Index 27828.92 Down -0.44% | Botswana Stock Exchange (BSE) DCI 9380.4 Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 472.15/OZ UP +0.15% | Copper US$ 4.43/lb DOWN -0.007 | Zinc US$ 2 886.80/T DOWN -0.55% | Brent Crude Oil US$ 84.50/BBP UP +0.38% | Platinum US$ 1 018.09/OZ UP +1.54%