The Bank of Namibia (BoN) has granted provisional authorisation to new entities to conduct payment as well as virtual asset services.
According to a statement issued by BoN spokesperson Kazembire Zemburuka on Monday, Finatic Technologies and United PayPoint have been granted provisional authorisation to offer payment services in terms of the Payment System Management Act.
Meanwhile, Mindex Visual Asset Exchange and Landifa Bitcoin Trade have been granted provisional authorisation to operate as virtual asset service providers in terms of the Virtal Asset Act.
“In line with its regulatory mandate, the BoN is tasked with evaluating all individuals and entities intending to provide payment services and virtual asses services in Namibia,” said Zemburuka.
He said the regulatory authorisation process involves a two-step approach. Upon completion of the assessment, a provisional licence is issued with specific pre-authorisation conditions and once these conditions are satisfied, a full operational licence is granted.
The provisional authorisation is valid for six months during which the provisionally authorised entities are required to meet all pre-authorisation conditions necessary for attaining full licencing.
“If an entity successfully meets these conditions within the six-month period, the BoN may issue a full licence, thereby permitting that entity to commence conducting official operations in Namibia,” said Zemburuka.
He stressed that during the six-month provisional authorisation period, the entities are not allowed to conduct any business or engage individuals or entities in Namibia.
“This restriction ensures that all regulatory compliance requirements are fully met before the entities begin operations,” said the BoN communications director.
– email: matthew@namibian.com.na
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