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NAMFISA inks deal with Prembly to boost digital innovation for tech startups

NAMFISA inks deal with Prembly to boost digital innovation for tech startups

The Namibia Financial Institutions Supervisory Authority (NAMFISA) recently signed a partnership agreement with a Nigeria-based digital identity and selfie biometrics provider, Prembly, to set up a Regulatory Sandbox to strengthen innovation and inclusion as well as to assist in building a digital identity framework.

The partnership, intended to boost digital innovation for tech startups, is designed to present pioneering innovations while countering the risks that are usually associated with entry into financial services.

“The partnership with Prembly brings expertise in compliance and digital security to the table, and we are most grateful to have received support from Prembly, which aligns with NAMFISA’s mission to regulate and supervise the financial sector in a manner that fosters innovation, financial inclusion, and stability,” said Kenneth Matomola, NAMFISA Chief Executive.

Meanwhile, Prembly’s Co-Founder and Chief Operating Officer, Niyi Adegboye, expressed his delight in the partnership with NAMFISA, saying it will contribute to developing a digital identity framework for Namibia.

“This partnership further demonstrates our vision to strengthen innovation and inclusion in Africa, and we are committed to leveraging our expertise and resources to drive this mission forward,” Adegboye said.

Prembly has established itself as a provider of identity verification, compliance, and online security solutions across emerging markets, having worked with governments and regulatory bodies in over 40 African countries.

The financial regulator said that with a 71.2% economically active population and a 91% literacy rate, according to the World Bank, Namibia offers a “strong” potential for tech innovation and development.

“The fintech industry in Africa has seen a remarkable surge in growth over the past eight years, as businesses have rapidly embraced new technologies and shifted to digital platforms. To fully capitalize on this dynamic market, it is critical to assess the market restrictions and provide solutions that impact digital identity systems,” it concluded.

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