Namibia Financial Institutions Supervisory Authority (Namfisa) has thrown cold water on the early marketing efforts of a local upcoming insurance company known as Mshasho Insurance (Pty) Limited.

Namfisa released an undated statement stating that Mshasho Insurance is yet to be registered, and therefore the public must not do business with it.

This was after the principal owner of Mshasho Insurance Mr Martin Morocky two weeks ago let out a tweet saying: “I took a break from music to work on this project and finally it is approved. Let’s keep the money in Namibia and grow the economy. Mshasho Insurance and owned by Namibians…  let’s create employment.”

Although the Mshasho Insurance idea seems to have come as far back as 2011, it appears that the local insurance company is now getting off the ground.

Namfisa’s licensing and registration officer Mr Kennedy Johannes said in the statement that: “It has come to the attention of Namfisa through various social media platforms that a certain Martin Morocky, popularly known as ‘King Tee Dee’, posted a logo of Mshasho Insurance (Pty) Ltd with the following caption: ‘I took a break from music to work on this project and finally it is approved.’ The caption further reads: ‘Let’s keep the money in Namibia and grow the economy. Mshasho Insurance and owned by Namibians… let’s create employment’”.

Johannes further stated that: “Namfisa hereby informs the members of the public that ‘Mshasho Insurance (Pty) Ltd’ is not a registered insurer with Namfisa.”

The Namfisa official explained that according to their records: “Namfisa approved a name reservation application for Mshasho Insurance (Pty) Ltd on 12 June 2021. The approval of a name reservation by Namfisa enables the applicant to use the approved name in an application to the Business and Intellectual Property Authority (BIPA) for registration as a company.

“After the registration as a company by BIPA, the applicant is required to lodge an application for registration with Namfisa as an insurer in terms of either the Short-Term Insurance Act, 1998 (Act No. 4 of 1998) or the Long-Term Insurance Act, 1998 (Act No. 5 1998), before conducting any insurance business.

“The name reservation approval does not, in any way, confer any right or authority on ‘Mshasho Insurance (Pty) Ltd’ to conduct any insurance business without ‘Mshasho Insurance (Pty) Ltd’ being registered with Namfisa as either a short-term or long-term insurer.

“To this end, members of the public are advised not to enter into any insurance business with ‘Mshasho Insurance (Pty) Ltd’”.

Meanwhile Namfisa’s quick move to explain to the public that Mshasho Insurance has not yet received the green-light to conduct business, such move has come across as a manner of throwing the spanner in the fledgling company’s early marketing activities.

As an upcoming local company venturing into a complex and foreign-dominated sector, Mshasho Insurance would have deserved better from Namfisa than to shoot it down with bad publicity so early on.

Both Mr Johannes and Namfisa’s corporate communications officer Ms Vicky Muranda did not pick up their phones when contacted for comment.

In the photo: Mshasho Insurance (Pty) Ltd’s logo.