Imelda Ambondo
Namibia Depositors Guarantee Authority(NDGA) has increased the payment threshold of depositors who fall victim to scammers from N$25,000 to N$50,000.
This was announced by the Acting Head of Namibia Depositors Guarantee Authority (NDGA), Petrus Shifotoka at the release of the 2025 Annual Report on Thursday.
The NDGA was established through an Act of parliament with the primary goal of administering the Deposit Guarantee Scheme. The
The scheme aims to protect depositors from the loss of their deposits by compensating them in the unlikely event of a commercial bank failure. This ultimately enhances consumer protection while also improving financial stability.“An assessment found that the previous limit was too low and did not give enough confidence to depositors. People across the country also raised concerns about the old limit,”Shifotoka said
He said the decision was taken to protect depositors, by ensuring that they recover money lost from their bank accounts through scams.
The guarantee authority said it achieved 96.7 percent of its targets in the 2023 to 2025 Strategic Plan.
“The successful execution of our inaugural Strategic Plan, marked by tangible results, was made possible through strong collaboration and support from all our stakeholders and strategic partners. Going forward, the NDGA remains steadfast in pursuit of its mandate, guided by our current Strategic Plan, 2026 – 2028,” he said.
Shifotoka said the guarantee fund has grown by 32% to reach N$ 40 million. He added that the growth had come from careful management and investment of premiums received from member institutions, also noting that the fund recorded a return of 8.1 percent, which was higher than its benchmark of 7.3 percent.
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