By: Nghiinomenwa-vali Hangala
The assets of non-banking financial institutions (NBFIs) are trickling above half a trillion, reaching N$528.2 billion as of the end of the third quarter of 2025 (30 September 2025), NAMFISA revealed.
These NBFIs include insurance, medical aid funds, retirement funds, friendly societies, the capital market, and microlending. Most of these assets are the country’s savings, which are used as capital for investments in various projects, equity, and also into government bonds, as part of domestic direct investment (DDI).
“Non-banking financial institutions (NBFIs) are indispensable pillars of the financial ecosystem and play a pivotal role in shaping the economic landscape,” wrote NAMFISA in their quarterly report.
The retirement savings are the biggest of the assets, standing at N$288.6 billion, representing a 12.6 percent year-on-year growth.
Collective investment schemes (CIS) valued at N$119.0 billion hold the second place in the nation’s biggest assets, experiencing a 21.0 percent year-on-year growth.
The top three CIS management entities included Capricorn Unit Trust Management Company with 34.7 percent, followed by Ashburton Unit Trust Management Company with 13.6 percent, and Old Mutual Unit Trust Management Company Namibia with 9.6 percent.
These three entities collectively oversaw 57.9 percent of the total CIS assets, revealed the assessment.
The long-term insurance industry’s total assets increased to N$93.1 billion, reflecting growth of 4.6 percent quarter-on-quarter.
The short-term insurance industry’s assets amounted to N$10.1 billion.
The microlending industry’s total loan book amounted to N$7.8 billion at the end of the third quarter of 2025, representing a year-on-year increase of 7.2 percent.
Term lenders, which accounted for 92.0 percent of the total loan book, recorded a slight contraction of 0.5 percent quarter-on-quarter and expanded by 5.0 percent year-on-year to reach N$7.2 billion. During the review period, a total of 910 microlenders were active in the industry.
Savings for medical emergencies recorded accumulated funds/reserves (total assets minus total liabilities) of N$2.6 billion, increasing by 43.4 percent annually as at 30 September 2025.
With a net surplus of N$129.5 million during the review period, asset levels remained sufficient to fully cover liabilities.
Friendly societies recorded a year-on-year increase, reaching N$3.0 million. During the review period, one (1) registered entity remained active.
The country’s savings are mostly entrusted to asset managers to grow through various assets. The investment management sector’s assets under management increased by 5.5 percent quarter-on- quarter and 16.0 percent year-on-year, reaching N$321.6 billion, presents the quarterly report.
Among the industry’s major investment managers, Old Mutual Investment Group Namibia held the largest share of the total assets at 17.0 percent, followed by Capricorn Asset Management at 15.8 percent and Ninety-One Asset Management Namibia at 12.8 percent.
Together, these three managers accounted for 45.6 percent of the assets under management, according to NAMFISA.
In the meantime, assets administered by linked investment service providers (LISPs) grew by 7.3 percent quarter-on-quarter and 24.6 percent year-on-year, reaching N$22.4 billion.
It has been noted that it is not just the size of the country’s savings that matters, but where the savings are invested within the domestic markets.
