The Bank of Namibia (BoN) and the Namibia Financial Institutions Supervisory Authority (NAMFISA) have signed an updated agreement to improve cooperation in regulating the country’s financial sector.
The agreement, known as a Memorandum of Agreement, was signed at a joint event where the two institutions also introduced a new technical working group. The group will focus on supporting the safe and responsible growth of financial technology (FinTech) in Namibia.
The new deal sets out how the two regulators will work more closely together. It creates a clear system for sharing information, carrying out joint inspections, and monitoring risks in the financial system.
Under the agreement, the Bank of Namibia and NAMFISA will exchange important information on issues affecting banks, financial institutions and intermediaries. They will also conduct joint investigations when both have authority, and they will meet regularly to review financial data and trends.
The agreement further provides for consultation on new risks and changes in the financial sector. It also includes strict rules to protect confidential information, while allowing cooperation with international regulators.
Speaking at the signing, Bank of Namibia Governor Ebson Uanguta said the partnership will help keep the financial system strong.
“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 early,” he said.
NAMFISA Chief Executive Officer Kenneth Matomola said the agreement shows both institutions’ commitment to working together.
“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 supports Namibia’s efforts to meet international standards. This includes NAMFISA’s application to become a full member of the International Organisation of Securities Commissions’ Multilateral Memorandum of Understanding, which promotes cooperation between regulators worldwide.
The two institutions said the move is an important step in strengthening the country’s financial system, boosting public confidence, and supporting long-term economic growth.