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Namfisa FinTech Square in flying start

THE Namibia Financial Institutions Supervisory Authority (Namfisa) has held engagement sessions with innovators it selected after the launch of its FinTech Square last month.

This involved discussions, through the FinTech Square 2022, between Namfisa and innovators regarding emerging financial technology solutions and innovative concepts in the non-bank financial institutions (NBFIs) sector.

FinTech Square 2022 formed part of Namfisa’s plan to gauge financial technology 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,” said a statement from the authority.

Namfisa received applications from interested innovators countrywide, as well as internationally based Namibian innovators and believes financial technology innovators highly value this initiative as they try to navigate the changing economic landscape, which is moving towards digitisation 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 the “know your customer” initiatives.

According to Namfisa, the FinTech Square initiative will be an annual event to promote and support collaboration with the ultimate objective to proactively navigate the rapidly changing landscape of innovation and financial technology.

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