Regulatory Alerts2021-11-11
Added · Updated
Minimum Number of Members in a Friendly Society
The Namibia Financial Institutions Supervisory Authority requires all registered friendly societies to maintain a minimum of seven actively contributing members, comprising corporate bodies or adult natural persons. This standard applies universally to entities operating under the Financial Institutions and Markets Act, 2021, and explicitly defines membership eligibility based on active contribution and age of majority. The regulation establishes a clear compliance baseline to ensure consistent organizational structure across the sector.
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