MoU strengthens non-banking financial statistics
The Namibia Statistics Agency (NSA) and the Namibia Financial Institutions Supervisory Authority (NAMFISA) recently inked an agreement on financial services data exchange and other areas of collaboration.
The Memorandum of Understanding (MoU) sets out the framework for cooperation between the two organisations, a joint statement revealed.
According to the statement, the historical collaboration to which both institutions are committed ensures that the two organisations will now cooperate in the exchange of data, advancing their common goals in the areas of financial sector statistics, developed through collaboration on new methods for data collection, processing, and presentation.
The financial statistics referred to, include long and short-term insurance data, medical insurance data, data on loans & advances from non-banking financial institutions as well as data on pension funds.
The MoU which was signed in Windhoek by Alex Shimuafeni, the Statistician General, and Kenneth Matomola, the Chief Executive of NAMFISA, sets the stage for collaboration in the sharing of information about the non-banking financial sector. The memorandum also underscores the importance of timely, reliable satistics that serve the needs of the stats users.
Speaking at the signing ceremony, Shimuafeni emphasized the importance of the MoU in strengthening the partnership between the NSA and NAMFISA.
He noted that the collaboration between the two organizations will support the production of high-quality statistics that are critical for decision-making, policy formulation, and economic development.
“The collaboration will successfully ensure cost-effective practices that reduce duplication of efforts, and conservation of resources. In achieving these noble tasks, we commit ourselves to play an active role in the strengthening of financial statistics, to provide the most effective and efficient source of financial sector statistics for Namibia,” Shimuafeni added.
Matomola meanwhile reiterated NAMFISA’s commitment to work with the NSA to promote the development of a robust non-banking financial sector in Namibia. He also highlighted the importance of data in the supervision and regulation of the financial sector.
In the future, the two institutions will invest in capable data transmission systems to enhance operational efficiencies and timely dissemination of data to stakeholders.