Windhoek-The Namibia Financial Institutions Supervisory Authority (NAMFISA) and the Namibia University of Science and Technology (NUST) have signed a memorandum of understanding (MoU) in which NAMFISA committed to support NUST students with Work Integrated Learning opportunities. The agreement takes effect from March 2018.
Speaking at the signing ceremony, NAMFISA Chief Executive Officer, Kenneth Matomola, said; “Internships have become a key component at many institutions of higher education. The value of internships has grown in reputation over the years for several reasons. They are often considered a win-win situation for students, universities and employers. Working alongside a seasoned professional allows students to take on meaningful tasks with real responsibility. Technical competencies are reinforced, analytical skills are improved and the students are able to experience first-hand the constant need for adaptability and creativity required in today’s world.”
NAMFISA says it believes in capacity building for the Namibian market, particularly in the financial regulatory environment. In 2017, the authority, in conjunction with the Bank of Namibia, undertook a skills gap study in 2017 that identified some critical skills needed in the financial sector. Some of these skills include risk analysts, investment managers, actuaries and market research analysts to mention a few.
The MoU focuses explicitly on the area of specific cooperation, which deserves increasing collaborative effort in providing students with a high quality of educational experiences in work-based environments.
Speaking at the occasion, the Deputy Vice Chancellor: Academic Affairs of NUST, Dr Andrew Niikondo said; “We are signing this agreement as a joint statement of intent aimed at improving the scale and value of work-integrated learning so that Namibia can better meet the challenges and opportunities facing our economy and society. I want to assure you, NAMFISA management and staff that we, at NUST, are fully committed to aligning our educational goals, research objectives, and training strategies and programmes and services to best global practices and standards.”
Citing the Founding President of the Republic of Namibia, Dr Sam Nujoma, Matomola in closing said: “Our country can only achieve success, when we have a critical mass of qualified personnel in the critical areas of socio-economic development.”