Namibia pushing for financial inclusion

Kenneth Matomola

Namibia is maintaining its stance on closing the financial exclusion gap as the Namibia Financial Institutions Supervisory Authority (Namfisa) is set to host the third edition of FinTech Square this week.

FinTech Square, also known as the Namfisa Innovation Station, is designed to explore the world of financial technology (fintech) within the Namibian non-banking financial institutions (NBFI) sector.

The event, scheduled for 30 and 31 May, is themed ‘FinTech Unleashed: Showcasing Innovation at the Square’ and connects Namfisa with innovators, consumers, industry players and regulatory authorities at the forefront of innovation, and technological and digital advancement.

The event is held in collaboration with the Communications Regulatory Authority of Namibia (Cran) and GIZ Namibia through its Probats II project, which stands for Promotion of Business Advisory and Economic Transformation Services.

Namfisa chief executive Kenneth Matomola says FinTech Square is meant to advance digital innovation for greater financial inclusion in Namibia’s NBFI sector, as well as to enhance efficiency and sustainability in fulfilling Namfisa’s mandate.

“The FinTech Square is in line with one of our strategic themes of innovation that encourages technology adoption and embracing new technologies, both within Namfisa and across NBFI sectors,” he says.

Cran spokesperson Mufaro Nesongano says through this partnership, the two aim to enhance the efficiency of executing their respective mandates.

“We both recognise the strategic importance of cooperation in regulatory and supervisory matters to foster growth and stability in Namibia’s information and communication technology and financial sectors.

“Our sponsorship is driven by our commitment to establishing a framework for interaction and cooperation in critical areas. These areas include digital financial technologies, consumer protection, and cybersecurity.

“Additionally, we are keen to support and encourage the involvement of more young people in the fintech space,” he says.

GIZ’s Ndapandula Auala says the Probars II project focuses on financial systems development. From a development cooperation perspective, fintech can disrupt traditional non-banking services, enhancing financial inclusion and access to financial services.

“We also see significant opportunities for local economic development, as fintech provides innovative solutions to connect micro, small and medium enterprises to affordable financial services,” she says.

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