Compli-Serve Namibia has launched via a joint venture between Sybil Somaes and the Compli-Serve group, to offer regulatory compliance services to the Namibian financial sector.

Somaes is Managing Director of Compli-Serve Namibia, based in Windhoek and has experience primarily spent in Namibian financial services. She was instrumental in establishing- and was most recently- CEO of the Namibia Savings and Investment Association (NaSIA) and was previously the COO of PPS Insurance Namibia, and prior to that held various managerial positions at Old Mutual Namibia.

Through her passion for the industry and regulatory compliance combined with the progress in financial legislation in Namibia, the need for external compliance services became clear.  Compli-Serve Namibia builds on a reputable compliance brand that began in South Africa in 2003. Compli-Serve understands the game-changing impact that the introduction of new legislation can have on the financial services industry, having gone through it in South Africa. Accordingly, it understands the process to come for Namibian financial services.

“The Financial Institutions and Markets Act set to come into effect in Namibia in 2021 will re-shape most of financial services,” says Somaes. With the exception of banks and microlenders, this particular legislation will have far-reaching compliance requirements as reforms and modernisation of the financial sector are introduced.

“With the changes in how financial services providers will be governed and will need to operate, compliance support to entities will become essential,” she says.  “There will be many changes and new rules and regulations to comply with on an ongoing basis, which could make for a more difficult adjustment without knowledgeable assistance.”

Compli-Serve Namibia seeks to partner with service providers to ensure compliance stays on track. It is less common to have a dedicated compliance function in Namibian firms, yet outsourcing can turn out to be more cost- and time efficient, particularly when aligning with reputable, trustworthy support.

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