Innovators in the microlending industry called to register for the regulatory Sandbox
Innovators in the microlending industry have been called to register for the regulatory Sandbox by the Namibia Financial Institutions Supervisory Authority (NAMFISA).
The institution on Thursday announced that it is now officially accepting applications from interested innovators in the microlending industry who have business-to-business or business-to-consumer solutions.
The primary objectives of the Sandbox are to promote innovation in digital and non-digital financial services, as well as to enhance financial inclusion.
It provides a controlled environment under the supervision of NAMFISA, allowing for live tests of innovative products, services, or solutions within specific parameters, the institution said.
“Within the Sandbox, these live tests are conducted on a limited scale to ensure consumer protection and fairness. Additionally, they aid in identifying, assessing, and mitigating any potential risks that may arise during the testing phase,” stated NAMFISA’s FinTech Specialist, Ms Anneke Els.
Consequently, the Sandbox serves as an evidence-based tool that encourages innovation and financial inclusion within the non-bank financial sector of Namibia, ultimately contributing to the nation’s efforts in creating a dynamic, secure, and supportive financial sector.
The institution thus called on interested innovators to visit NAMFISA’s website at www.namfisa.com.na/regulatory-sandbox/, where they can find all the relevant application information and documentation outlined in the attached application process.
“For any further inquiries or clarifications regarding the NAMFISA Regulatory Sandbox, individuals may contact [email protected] via email,” they concluded.
