The Namibia Financial Institutions Supervisory Authority (Namfisa) stated it is enthusiastic about the opportunities presented by the Regulatory Sandbox, which allows innovators to test their ideas in a controlled environment, facilitating positive change while ensuring these advancements uphold fairness and financial system stability.
In this regard, Namfisa yesterday announced that Express Credit Cash Advance officially signed an agreement to participate in Namfisa’s Regulatory Sandbox. The agreement was signed last week Friday, 14 March.
In this vein, Express Credit has become the third entity to participate in this initiative, preparing to test an innovative financial solution under regulatory oversight. The Namfisa Regulatory Sandbox provides a structured, controlled environment where non-bank financial service providers can test innovative products, services, solutions, and business models in live conditions. This initiative is designed to promote innovation and enhance financial inclusion, while ensuring consumer protection and regulatory supervision.
Express Credit is a registered microlending institution committed to providing accessible and responsible financial solutions to individuals across Namibia. With a focus on innovation, transparency, and customer-centric services, Express Credit has stated it continues to empower consumers through tailored financial products and support.
“By joining the Namfisa Regulatory Sandbox, Express Credit demonstrates its dedication to finding new methods to improve access to credit, especially for under and unserved communities in Namibia. The proposed innovation will undergo thorough testing, with Namfisa overseeing the process to monitor its performance, ensure compliance, and assess the potential benefits and risks for consumers and the wider non-bank financial sector,” Namfisa stated.
Moreover, Namfisa noted it is committed to nurturing innovation within the non-bank financial sector, aiming to strike a balance between fostering new ideas and ensuring consumer protection and market stability. The authority added it is crucial that responsible innovation meets the evolving financial needs of Namibian consumers.
Namfisa exists to supervise financial institutions and financial services and to advise the finance minister on matters relating to financial institutions and financial services in terms of the Namfisa Act.
Namfisa is further responsible for supervising and enforcing compliance with the Financial Intelligence Act, 2012 with respect to all accountable and reporting institutions. This relates to the business of long and short-term insurance; asset management; unit trusts (collective investment schemes); pension funds; medical aid funds; public accountants and auditors; exchanges; stockbrokers; insurance brokers and agents; friendly societies; money lenders; and microlenders.