FinTech Square off to a succesful start
The Namibia Financial Institutions Supervisory Authority officially launched its FinTech Square on 19 August. Following the launch, engagement sessions were held with selected innovators, who applied to participate in the first-ever FinTech Square 2022.
This was done through facilitated discussions between NAMFISA and innovators regarding emerging FinTech solutions and innovative concepts in the Non-bank Financial Institutions (NBFIs) sector.
FinTech Square 2022 formed part of NAMFISA’s plan to gauge FinTech advancements and innovators’ needs in the NBFIs sector in anticipation of the NAMFISA Regulatory Sandbox, which is planned to commence soon.
The NAMFISA Regulatory Sandbox will be a controlled environment to allow selected entities to conduct live tests of innovative products, services, or solutions under NAMFISA’s supervision.
NAMFISA received applications from interested innovators country-wide, as well as Namibian innovators situated internationally. NAMFISA can confidently conclude that this initiative is highly valued by FinTech innovators as they try to navigate the changing economic landscape, which is moving towards digitization and technological advancement. Innovative concepts were explored, mostly in enhancing efficiencies and promoting access to financial services for all Namibians. The innovative concepts include creating digital platforms to • Facilitate the provision of loans to consumers; • Provide investment platforms for consumers; and • Enhance “Know Your Customer” (KYC) initiatives.
NAMFISA’s FinTech Square will be an annual event as an initiative to promote and support collaboration with the ultimate objective to proactively navigate the rapidly changing landscape of innovation and FinTech.
With FinTech Square 2022 successfully concluded, NAMFISA extends gratitude to all innovators who applied to FinTech Square 2022 and looks forward, in anticipation, to FinTech Square 2023 and the launch of the first-ever Regulatory Sandbox in the Namibian NBFIs sector in the future.