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Upcoming FinTech Square showcases financial innovation

Upcoming FinTech Square showcases financial innovation

By Clifton Movirongo.

The Namibia Financial Institutions Supervisory Authority (NAMFISA), is set to host FinTech Square 2023, a platform developed to engage and inspire innovators by developing technology platforms and tools for cost-effective financial services.

FinTech Square 2023 takes place over two days on 10 and 11 May at the Windhoek Country Club. The event, described as a catalyst for digital transformation in the non-banking financial services, targets the youth, regulated entities, and the broader public.

NAMFISA said the annual Fintech is a platform where the regulator meets the innovator. On day two of the event, NAMFISA will launch its Regulatory Sandbox, serving as a platform for new innovators to test their products and services in a live environment with actual clients.

Speaking on the event, Kenneth Matomola, Chief Executive of NAMFISA commented: “This will assist the Regulator to learn about new technologies but limit exposure of innovators to the broader market. With this initiative, NAMFISA wants to create an enabling regulatory environment that does not limit innovations in non-banking financial services.”

He invited the public and institutions that can offer support to innovators and conduct presentations with the intent to showcase fintech products and services to the broader public.

Matomola said they received 30 applications from innovators across Namibia to display their innovations but only 20 are directly linked to non-banking financial institutions, thus there are only ten innovators that will display their technological innovations.

We invite the public to come to the event on 11 May at the Windhoek Country Club. We encourage the regulated entities, schools, universities and in fact the broader public to come listen to the various information sessions and visit the stalls of innovators,” he said, adding that he will not share who the innovators are or what type of technology they offer.

NAMFISA has also invited its counterparts from the Capital Markets Authority of Kenya and Prembly, an innovative Fintech operating in Africa, to share their experiences across Africa, and how technological innovation drives financial access and inclusion across Africa.

I, therefore, call on the youth of Namibia specializing in technology to use this opportunity by developing technology solutions to directly offer financial services or to work with existing entities to offer financial services in a better and cost-effective way,” said Matomola.

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