Depositors Guarantee Scheme assets hit N$30m mark

The Namibia Deposit Guarantee Authority (NDGA) has seen significant growth in its assets, reaching N$30.3 million in 2024 – an increase of N$7.3 million from the previous year. This growth was primarily driven by annual premiums from member institutions along with strong portfolio performance, according to the head of the NDGA, Florette Nakusera, who presented these findings at the annual report launch last week.“The portfolio’s market value closed the year at N$30.3 million, reflecting an increase of N$7.3 million compared to the N$23 million recorded at the end of 2023. The annual member institutions’ premiums amounted to N$5.4 million in 2024 and the fund earned interest amounting to N$1.9 million during the year under review,” Nakusera said. According to her, the Deposit Guarantee Fund maintained robust growth throughout 2024, as evidenced by the Fund’s closing market value. The increase was primarily driven by member institutions’ annual premiums contributed to the portfolio, coupled with the strong and consistent performance of the portfolio itself. Among the functions of the scheme is to ensure that depositors have access to all or a public portion of their funds in the event of a bank failure within a specified time period. “It also protects against panic withdrawals by assuring depositors of the safety of their deposits even if a bank fails, reducing the likelihood and scale of such a failure culminating into a crisis for the entire financial system,” she said of the scheme’s stated mandate. “The Scheme adopts a guaranteed coverage limit of N$25 000 which is currently in effect. At this coverage limit, the Scheme covers more than 90% of current depositors,” she added. According to Nakusera, all Namibian banking institutions and branches of foreign banks and building societies are required to be members of the Deposit Guarantee Scheme and pay annual premiums to the Scheme.The banking industry continued to be profitable, liquid, and well capitalised. Both the capital adequacy and the liquidity position of the banking sector improved and remained well above the statutory minimum requirements.

Depositors Guarantee Scheme assets hit N$30m mark

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Republikein 2026-05-05

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Depositors Guarantee Scheme assets hit N$30m mark

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Republikein 2026-05-05

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