Namfisa, Cran join forces for sector advancement

The Namibia Financial Institutions Supervisory Authority (Namfisa) and the Communications Regulatory Authority of Namibia (Cran) have signed a collaborative agreement aimed at amplifying the efficacy of their respective mandates.

The agreement was signed in Windhoek on 27 November.

According to a press statement issued by the institutions, their shared objective is to extend regulatory support fostering the growth and stability of Namibia’s information and communications technology (ICT) and non-banking financial sectors.

Namfisa chief executive Kenneth Matomola emphasised the importance of collaboration with key stakeholders for the Namibian consumer.

He said the outlined objectives of the agreement encompass periodic information sharing on regulatory and supervisory concerns.

“Additionally, it establishes a structured framework for interaction and cooperation in diverse domains such as digital financial technologies, consumer protection, cyber security, SIM registration, electronic transactions and communications laws,” said Matomola.

According to the statement, as part of the agreement, a joint working committee will be formed, comprising representatives from both Namfisa and Cran.

The committee will convene biannually, working persistently to identify collaboration prospects, monitor progress, tackle obstacles and craft an implementation strategy aligned with the terms of reference set by both authorities.

Cran executive for finance and administration Maria Moses said the agreement underscores the goodwill between the entities and explicitly ensures that the autonomy and independence of both authorities remain intact.

“It is pivotal that we collaborate with sector-specific regulators to enhance the opportunities presented by ICT as an economic enabler.

We are excited about this collaboration with Namfisa as it presents an opportunity for the financial sector to benefit from the wide range of high-quality, reliable and efficient telecommunications services in the country,” said Moses.

According to Moses, the agreement places significant emphasis on the exchange of information between the authorities, ensuring compliance with pertinent laws and an unwavering commitment to seamless coope­ration and information sharing when circumstances demand.

Both Namfisa and Cran have pledged their steadfast commitment to this collaborative endeavour, anticipating a positive transformation in the regulatory landscape and a substantial contribution to the growth and stability of Namibia’s financial and communication sectors.