Ad Top Banner

NAMFISA, NSA ink MoU on financial sector data collaboration

March 30, 2023

The Namibia Statistics Agency (NSA) and the Namibia Financial Institutions Supervisory Authority (NAMFISA) have signed a Memorandum of Understanding (MoU) on financial services data exchange and other areas of collaboration.

The MoU was signed in Windhoek recently by Alex Shimuafeni, the Statistician General of NSA and Kenneth Matomola, the Chief Executive Officer of NAMFISA.

“The collaboration will successfully ensure cost-effective practices that reduce duplication of efforts, and conservation of resources. In achieving these noble tasks, we commit ourselves to play an active role in the strengthening of financial statistics, to provide the most effective and efficient source of financial sector statistics for Namibia. “ Shimuafeni said.

He noted that the collaboration between the two organizations will help to ensure the production of high-quality statistics that are critical for decision-making, policy formulation, and economic development.

Meanwhile, Kenneth Matomola reiterated the commitment of NAMFISA to work with the NSA to promote the development of a robust non-banking financial sector in Namibia.

He also highlighted the importance of data in the supervision and regulation of the financial sector.

“I wish to express my sincere gratitude to the Statistician-General and CEO of NSA for endorsing this initiative and to the staff of the two institutions for their effort to draft, discuss and complete this MOU. Well done colleagues

In future, the two institutions aim to ensure that there are capable data systems which will transmit data between the two institutions, to enhance operational efficiencies and timely dissemination of data to stakeholders," he said.

The duo note that the historical collaboration which both institutions are committed to, ensures that the organizations will now cooperate in the exchange of data, advancing their common goals in the areas of financial sector statistics, developed through collaboration on new methods for data collection, processing, and presentation.

"The financial statistics referred to, include long and short-term insurance data, medical insurance data, data on loans & advances from non-banking financial institutions as well as data on pension funds."

Furthermore, the signing of this MOU will, "recognise that timely, quality and relevance of statistical information is a key element to ensure that user needs are adequately met; and
agree based on mutual respect and collaboration which does not affect the independence, limit the powers or mandate of NAMFISA and NSA."

Rate this item
(0 votes)
Last modified on Thursday, 30 March 2023 20:32