The Bank of Namibia (BoN) and the Namibia Financial Institutions Supervisory Authority (NAMFISA) have signed an updated memorandum of agreement aimed at strengthening regulatory coordination and oversight across the country’s financial sector.
The agreement formalises closer cooperation between the two regulators, including the establishment of a joint technical working group to support collaboration on supervision and emerging areas such as financial technology.
Under the framework, the institutions will enhance information sharing, conduct joint supervision and coordinate regulatory oversight of banks, financial institutions and intermediaries.
Bank of Namibia Governor Ebson Uanguta said the agreement would improve the regulators’ ability to manage risks within the financial system.
“This partnership enhances our ability to maintain a sound and resilient financial system. By working closely with NAMFISA, we strengthen oversight and ensure that risks are addressed proactively,” he said.
The memorandum outlines specific areas of cooperation, including the exchange of supervisory information on regulatory concerns, joint inspections and investigations where mandates overlap, and coordinated monitoring of financial stability through quarterly data analysis.
It also provides for consultation on emerging risks and regulatory developments, as well as confidentiality provisions to protect sensitive information while enabling cooperation with international regulatory bodies.
NAMFISA Chief Executive Officer Kenneth Matomola said the agreement would strengthen institutional alignment and improve protection for financial consumers.
The move comes as regulators seek to tighten oversight and respond to evolving risks in Namibia’s financial system, including the growth of digital financial services.
