Bank of Namibia and NAMFISA Strengthen Financial Sector Oversight with New Agreement

Bank of Namibia and NAMFISA Strengthen Financial Sector Oversight with New Agreement. The Bank of Namibia (BON) and the Namibia Financial Institutions Supervisory Authority (NAMFISA) have signed an updated Memorandum of Agreement (MoA) to reinforce cooperation in regulating and supervising the country’s financial sector.

The agreement establishes a framework for information sharing, joint supervision, and regulatory oversight of banking institutions, financial institutions, and financial intermediaries. It reflects the shared commitment of both regulators to safeguard financial stability, promote consumer confidence, and support the orderly development of Namibia’s financial system.

At the same event, BON and NAMFISA also formalised the Terms of Reference for a joint technical working group dedicated to supporting the responsible development of FinTech in Namibia. This initiative underscores the importance of innovation in financial services while ensuring that emerging technologies are managed within a secure and well-regulated environment.

The MoA provides for several key areas of collaboration, including supervisory information sharing, joint investigations and inspections where concurrent jurisdiction exists, cooperation on financial stability monitoring, consultation on emerging risks and regulatory developments, confidentiality safeguards, and coordination on FinTech and innovation-related matters.

Officials from both institutions highlighted that the agreement builds on existing cooperation while introducing new mechanisms to address the evolving financial landscape. By strengthening oversight and collaboration, BON and NAMFISA aim to enhance resilience within Namibia’s financial sector and ensure that regulatory frameworks remain responsive to emerging challenges.

The updated agreement signals a proactive approach to financial governance, positioning Namibia to better manage risks while fostering innovation and growth in the sector.