BoN calls for a Responsive Banking Industry

14 September 2023 | Media Release
  Namibia has taken significant steps towards a more efficient and modern banking sector with the implementation of the Banking Institutions Act, 2023 (Act 13 of 2023), and the Payment System Management Act, 2023 (Act no. 14 of 2023). These laws have introduced a world-class regulatory and supervisory system, demonstrating the country's commitment to delivering responsive and transformed banking services.

The Bank hosted a forum introducing its supervisory approach attended by senior executives of banking institutions and conglomerate groups in Africa. The Governor of the Bank of Namibia, Mr. Johannes !Gawaxab enthused that the new laws represent a watershed moment for the industry as it morphs into a future-fit operating model in line with the aspirations of a financial system that works for the Namibian people.

High banking fees and charges have become a major concern, receiving public and parliamentary attention. The new Banking Institutions Act has also introduced a provision empowering the Minister of Finance and Public Enterprises to make regulations relating to fees and charges imposed by banking institutions on their customers. As standard practice, these regulations will be issued in consultation with the banking industry to ensure that financial stability is not compromised.

Said the Governor: “Our financial system is on a proverbial fork road. Operating models that achieved success in the past, may not do so in the future. I believe this new regulatory and supervisory framework, the Bank, as regulator and supervisor, and the entire industry shall work in tandem to bring about a responsive and dynamic financial ecosystem that maximizes shareholder value while serving the national interest. I count on all stakeholders to support us in this worthy endeavor.”

All the above-mentioned Acts are fully accessible at: https://www.bon.com.na/Regulations.aspx