Central Bank enlists international supervisory platform to drive its digital transformation initiative
The Bank of Namibia has selected Canadian-based application software firm SQL Power’s supervisory platform, the SQL Power Suite, as the technology framework to digitally transform the Bank.
As regulators struggle to keep up with the accelerating pace of regulatory change, SQL Power’s highly configurable supervisory platform automates every aspect of financial regulation from registration to data collection to on-site examination and investigations. It ultimately future-proofs the Central Bank with a unified and flexible supervisory platform that will satisfy their regulatory requirements for decades to come.
Leonie Dunn, Deputy Governor of the Bank of Namibia in a statement said the Bank is automating various business processes in three supervisory departments, namely Banking Supervision Department, Payment and Settlement Systems Department and Exchange Control Division.
“This will assist our teams to work faster and more efficiently and effectively, saving our staff time and improving the reputation of the Bank, as we strive to improve on our service delivery and stakeholder satisfaction goals internally and externally,” Dunn said.
She added that the Interdepartmental Project will improve the work environment and place high-tech resources and expert digital skills at our disposal to carry out our day-to-day activities.
This, Dunn added, change improves the Bank’s work environment, improves efficiency, and improves tracking and delegating of responsibilities in its processes.
“I am confident that the Bank of Namibia’s digital transformation initiative will be a huge success and will serve as a showcase implementation for all central banks in Africa and around the world,” said Sam Selim, President of SQL Power.
