BoN, Namfisa sign agreement to strengthen financial sector oversight

WINDHOEK, 23 MAR (NAMPA) – The Bank of Namibia (BoN) and the Namibia Financial Institutions Supervisory Authority (Namfisa) have signed an updated Memorandum of Agreement aimed at strengthening cooperation in the regulation and supervision of Namibia’s financial sector.
The agreement, announced on Monday, establishes a framework for information sharing, joint supervision and regulatory oversight of banking institutions, financial institutions and intermediaries.
It also provides for the formalisation of a joint technical working group that will support the responsible development of financial technology (FinTech) in Namibia.
According to a joint statement, the agreement reflects the commitment of both institutions to safeguard financial stability, promote consumer confidence and ensure the orderly development of the financial system.
The agreement provides for the exchange of supervisory information on regulatory concerns, joint investigations and inspections, as well as collaboration on financial stability monitoring through quarterly data and analysis.
It further includes consultation mechanisms to address emerging risks, confidentiality safeguards to protect sensitive information, and coordination on innovation and FinTech-related matters.
BoN Governor Ebson Uanguta said the partnership enhances the institutions’ ability to maintain a sound and resilient financial system.
“This partnership enhances our ability to maintain a sound and resilient financial system. By working closely with Namfisa, we strengthen oversight and ensure that risks are addressed proactively,” he said.
Namfisa Chief Executive Officer Kenneth Matomola said the agreement reinforces collaboration and transparency between the two regulators.
“This agreement underscores our commitment to collaboration and transparency. It ensures that both institutions can jointly safeguard the interests of consumers and the integrity of Namibia’s financial markets,” he said.
The agreement also aligns with Namibia’s efforts to meet international standards, including Namfisa’s application to become a full signatory to the International Organisation of Securities Commissions Multilateral Memorandum of Understanding.
The two institutions said the initiative marks a significant step towards strengthening the financial sector, ensuring stability and supporting sustainable economic development.
(NAMPA)
MWY/PS/AS