The Bank of Namibia (BON) and the Namibia Financial Institutions Supervisory Authority (NAMFISA) are pleased to announce the signing of an updated Memorandum of Agreement that strengthens cooperation in the regulation and supervision of Namibia’s financial sector. In addition, the two regulators will, at the same event, formalise the Terms of Reference for a joint technical working group that will serve as a collaborative platform for the two institutions to embrace and support the responsible development of FinTech in Namibia.

This landmark 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 ensure the orderly development of Namibia’s financial system.

The agreement also aligns with Namibia’s broader efforts to meet international standards, including NAMFISA’s application to become a full signatory to the IOSCO Multilateral Memorandum of Understanding, thereby enhancing Namibia’s global regulatory cooperation.

This joint initiative marks a significant step toward strengthening Namibia’s financial sector, ensuring stability, and fostering sustainable economic development.