Staff Writer
The Bank of Namibia (BoN) and the Namibia Financial Institutions Supervisory Authority (Namfisa) have signed an updated memorandum of agreement to strengthen cooperation in regulating and supervising the financial sector.
The agreement sets out how the two regulators will share information, conduct joint supervision and coordinate oversight of banking institutions, financial institutions and intermediaries.
At the same event, the institutions also formalised the terms of reference for a joint technical working group to support the development of financial technology in Namibia.
The agreement provides for the exchange of information on key regulatory issues affecting institutions and groups. It also allows for joint investigations and inspections where both regulators have authority.
BoN and Namfisa will work together on financial stability monitoring through regular data sharing and analysis.
The agreement also includes consultation mechanisms to address emerging risks and regulatory changes, as well as safeguards to protect confidential information while allowing cooperation with international regulators.
The governor of the Bank of Namibia, Ebson Uanguta, said the agreement strengthens oversight.
“This partnership enhances our ability to maintain a sound and resilient financial system. By working closely with Namfisa, we strengthen oversight and ensure that risks are addressed proactively.”
Namfisa chief executive officer Kenneth Matomola said the agreement supports joint efforts to protect consumers. “This agreement underscores our commitment to collaboration and transparency. It ensures that both institutions can jointly safeguard the interests of consumers and the integrity of Namibia’s financial markets.’’
The agreement also supports Namibia’s efforts to meet international standards, including Namfisa’s application to become a full signatory to the IOSCO multilateral memorandum of understanding.
