BoN & NAMFISA sign Agreement to Strengthen Financial Sector Oversight

The Bank of Namibia (BON) and the Namibia Financial Institutions Supervisory Authority (NAMFISA) signed an updated Memorandum of Agreement to strengthen cooperation in the regulation and supervision of Namibia’s financial sector. At the same event, the two regulators will also formalise the Terms of Reference for a joint technical working group to support the responsible development of FinTech in Namibia.

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 Authorities to safeguard financial stability, promote consumer confidence, and support the orderly development of Namibia’s financial system.

It also provides for supervisory information sharing, joint investigations and inspections where concurrent jurisdiction exists, collaboration on financial stability monitoring, consultation on emerging risks and regulatory developments, confidentiality safeguards, and coordination on FinTech and innovation-related matters. #NAMFISA #FinTech #ConsumerEducation