Express Credit Cash Advance (Pty) Ltd (Express Credit) has officially signed an agreement to participate in the Namibia Financial Institutions Supervisory Authority (NAMFISA) Regulatory Sandbox, making it the third entity to join the initiative, NAMFISA announced.
The NAMFISA Regulatory Sandbox provides a controlled environment where non-bank financial service providers can test innovative products, services, and business models under regulatory oversight.
The initiative aims to promote innovation, enhance financial inclusion, and ensure consumer protection while maintaining regulatory supervision.
“The proposed innovation will undergo thorough testing, with NAMFISA overseeing the process to monitor its performance, ensure compliance, and assess the potential benefits and risks for consumers and the wider non-bank financial sector,” the non-banking sector regulator said.
NAMFISA emphasized its commitment to fostering responsible innovation while maintaining market stability and consumer protection.
“It is crucial that responsible innovation meets the evolving financial needs of Namibian consumers,” NAMFISA stated.
NAMFISA also highlighted the significance of the Regulatory Sandbox in enabling financial service providers to experiment with new ideas in a structured environment while ensuring fairness and stability within the financial system.
