Staff Reporter
THE Bank of Namibia (BoN) and the Namibia Financial Institutions Supervisory Authority (NAMFISA) have signed an updated Memorandum of Agreement aimed at strengthening cooperation in the regulation and supervision of Namibia’s financial sector.
“This landmark agreement establishes a framework for information sharing, joint supervision, and regulatory oversight of banking institutions, financial institutions, and financial intermediaries. It reflects the shared commitment of both Authorities to safeguard financial stability, promote consumer confidence, and ensure the orderly development of Namibia’s financial system,” BoN’s Deputy Director of Strategic Communications and International Relations, Naufiku Hamunime, and NAMFISA’s Manager of Corporate Communications and Consumer Education, Victoria Mutango Raimond, explained in a joint statement.
Photos: Bank of Namibia.
They added that the agreement allows for the exchange of supervisory information on key regulatory concerns affecting banking institutions, financial institutions, financial intermediaries, and groups. It also provides for joint investigations and inspections where jurisdictions overlap; cooperation in monitoring financial stability through quarterly data and analysis; consultation mechanisms to address emerging risks and regulatory changes; confidentiality measures to safeguard sensitive information while facilitating collaboration with international regulators; and coordination on FinTech and innovation-related matters.
“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,” the Governor of the Bank of Namibia, Ebson Uanguta, said.
