The Governor of the Bank of Namibia (BoN), Johannes !Gawaxab, has called for stricter regulatory frameworks to combat rising cybersecurity threats while ensuring the responsible adoption of artificial intelligence (AI) in the financial sector.
“Regulatory measures essential for financial stability must remain uncompromised. However, we must also ensure that the financial system serves as an engine for economic growth by facilitating lending and investment,” he told the CEO Roundtable engagement, emphasing the financial sector’s role in mitigating risks that could impact economic growth.
The roundtable, themed “Setting the Scene and Driving Impact for 2025,” brought together CEOs of banks and non-banking financial institutions, along with leaders from the Namibia Financial Institutions Supervisory Authority (NAMFISA) and the central bank.
Discussions centered on pressing industry challenges, including climate risk and regulatory priorities.
The Bank of Namibia also outlined its 2025-2027 Strategic Plan, which focuses on building a smart central bank, fostering a resilient financial sector, and supporting economic diversification.
Key initiatives include the Instant Payment Solution (IPS) to improve financial inclusion and the prioritisation of Generative AI (GenAI) as a cornerstone of the bank’s digital transformation agenda.
Discussions also covered legislative progress on the Electronic Know Your Customer (E-KYC) initiative, which will enhance fraud prevention and regulatory compliance.
NAMFISA CEO Kenneth Matomola echoed !Gawaxab’s sentiments, urging financial institutions to actively contribute to shaping regulatory approaches that support economic growth.
“The domestic financial sector plays a crucial role in shaping regulatory approaches that are tailored to our local context. It is essential that our regulations reflect Namibia’s unique economic landscape rather than simply mirroring those of more advanced economies,” he said.
Looking ahead, the Bank of Namibia will co-host the 2025 Alliance for Financial Inclusion (AFI) Global Policy Forum in September, further cementing the country’s leadership in financial innovation.
