Financial Crime World

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Namibia’s Financial Inclusion Efforts Hampered by Crime, FinTech Square Aims to Address Gap

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As Namibia strives to bridge its financial exclusion gap, the country’s regulatory body, Namibia Financial Institutions Supervisory Authority (Namfisa), is set to host the third edition of FinTech Square this week. The event, themed “FinTech Unleashed: Showcasing Innovation at the Square,” aims to promote digital innovation for greater financial inclusion in the non-banking financial institutions (NBFI) sector.

Event Highlights

  • Date: May 30 and 31
  • Theme: “FinTech Unleashed: Showcasing Innovation at the Square”
  • Hosted by Namfisa, Communications Regulatory Authority of Namibia (Cran), and GIZ Namibia’s Probats II project
  • Two-day conference featuring innovators, consumers, industry players, and regulatory authorities discussing technological advancements and their potential impact on the NBFI sector

Objectives

According to Namfisa Chief Executive Kenneth Matomola, FinTech Square is designed to advance digital innovation for greater financial inclusion in Namibia’s NBFI sector, as well as enhance efficiency and sustainability. “The event aligns with one of our strategic themes of innovation that encourages technology adoption and embracing new technologies,” he said.

Importance of Cooperation

Cran spokesperson Mufaro Nesongano emphasized the importance of cooperation between regulatory bodies to foster growth and stability in Namibia’s information and communication technology and financial sectors. He also highlighted the organization’s commitment to supporting young people involved in fintech.

Financial Systems Development

GIZ’s Ndapandula Auala noted that the Probars II project focuses on financial systems development, which can enhance financial inclusion and access to financial services through fintech innovations. “Fintech provides innovative solutions to connect micro, small, and medium enterprises to affordable financial services,” she said.

Challenges

Despite these efforts, Namibia’s financial inclusion initiatives are being hindered by financial crime. The country has been grappling with a high rate of money laundering, fraud, and cybercrime, which is undermining trust in the financial system. To address this issue, FinTech Square will also feature discussions on cybersecurity and consumer protection.

Conclusion

As Namibia continues to work towards bridging its financial exclusion gap, it remains to be seen whether initiatives like FinTech Square can effectively promote digital innovation while addressing the threat of financial crime.