The Namibia Financial Institutions Supervisory Authority (Namfisa) has signed testing agreements with the first beneficiaries of the Sandbox programme.
The Regulatory Sandbox programme offers a controlled environment where pioneering companies can test their innovative solutions under Namfisa’s supervision.
Namfisa spokesperson Victoria Raimond, says this ensures consumer protection, fairness and risk mitigation during the testing phase.
ReferredBy and Ergo Analytics (Verime) are the first participants to enter the Regulatory Sandbox.
ReferredBy’s fintech platform streamlines access to pre-approved nano loans, addressing gaps left by traditional lenders.
The loans range from N$300 to N$2 000 and work through community recommendations.
Verime uses innovative biometric security measures to simplify client onboarding and compliance for service providers.
“Referredby and Verime’s innovative solutions have the potential to revolutionise the financial landscape in Namibia. We are excited to support them on their journey of fostering a culture of innovation and inclusivity,” says Raimond.
She says during their 12 to 16-month tenure within the Sandbox programme, ReferredBy and Verime will undergo live testing of their innovative solutions on a limited scale.
“These tests will provide invaluable insights to Namfisa, furthering our mission to cultivate a dynamic, secure, and supportive financial sector in Namibia,” says Raimond.
Namfisa chief executive officer Kenneth Matomola says this initiative marks a major step forward in Namfisa’s vision to promote innovation in financial services and to drive financial inclusion across the country.
“The Regulatory Sandbox plays a crucial role in fostering innovation and financial inclusion within the non-bank financial institutions sector, and this contributes to national efforts aimed at creating a transformed, safe, and inclusive financial sector,” he says.
During the application stage of the Sandbox programme, the authority received 10 applications in the first cohort of applications, of which five focused on the microlending sector.
“Of these five applications, the authority has approved three applicants that are ready and fully adhere to our requirements. Their innovative solutions have the potential to revolutionise the financial landscape in Namibia, and we are excited to support them on their journey,” says Matomola
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