The Namibia Deposit Guarantee Authority was officially launched on Thursday by the chairperson of its board of directors and deputy governor of the Bank of Namibia, Ebson Uanguta. NDGA is to provide protection to depositors against the loss of their deposits by providing compensation in the event of a commercial bank failure. The Namibia Press Agency reports that the newly launched entity is an independent body but is administratively managed within the existing structures of BoN. Uanguta said the provision of a financial safety net is critical in any economy.