NAMFISA signs testing agreement for its Sandbox programme

Martin Endjala

The Namibia Financial Institutions Supervisory Authority (NAMFISA), on 17 April, officially signed testing agreements with two pioneering innovators in Windhoek, ReferredBy and Ergo Analytics (known as Verime), to participate in its regulatory Sandbox programme.

“The NAMFISA regulatory Sandbox initiative represents our strategic vision to promote innovation in both digital and non-digital financial services, while simultaneously enhancing financial inclusion. Under the vigilant supervision of NAMFISA, the Sandbox provides a controlled environment for live tests of innovative products, services, or solutions within specified parameters or limits,” NAMFISA’s Chief Executive Officer, Kenneth Matomola said.

He emphasized the critical importance of the regulatory Sandbox in advancing the understanding of emerging technologies and facilitating evidence-based legislative reforms.

Matomola explained that the regulatory Sandbox programme plays an important role in promoting innovation and financial inclusion within the Non-bank Financial Institutions (NBFI) sector, contributing to national efforts aimed at creating a transformed, safe, and inclusive financial sector.

He is adamant that the participation of both ReferredBy and Ergo Analytics (Verime), in the Sandbox, will revolutionize the financial landscape in Namibia.

Matomola indicated that during their 12 to 16-month tenure within the Sandbox, ReferredBy, and Verime will undergo live testing of their innovative solutions on a limited scale, ensuring consumer protection, fairness, and risk mitigation.

These tests he explained, will provide invaluable insights to NAMFISA, furthering its mission to cultivate a dynamic, secure, and supportive financial sector in Namibia.

Meanwhile, ReferredBy specialises in fintech apps and platforms that facilitate seamless access to pre-approved nano-loans, bridging gaps left by traditional lenders.

While Verime, on the other hand, streamlines client onboarding and compliance for service providers through innovative biometric security measures.

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