Regulatory Alerts2021-11-11
Added · Updated
Outsourcing (GEN.S.10.10)
NAMFISA has issued Standard GEN.10-10 to regulate the outsourcing of material business functions by financial institutions and intermediaries to external service providers. The Standard mandates board and senior management oversight, requires comprehensive written outsourcing agreements with explicit sub-contracting liability and off-shoring consultation provisions, and enforces continuous performance monitoring alongside fair remuneration. Industry participants must notify NAMFISA of new or amended agreements within thirty business days, while the regulator retains direct access to service providers and discretionary authority to adjust or exclude specific requirements.
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