Windhoek: The Namibia Financial Institutions Supervisory Authority (Namfisa) Chief Executive Officer, Kenneth Matomola has called on stakeholders in the financial sector to adopt responsible innovation as the foundation for Namibia's growing FinTech ecosystem. Speaking at the opening of FinTech Square 2025 in Windhoek on Thursday, Matomola said the sector ensures that innovation promotes inclusion and protects consumers while contributing to financial stability.
According to Namibia Press Agency, the CEO stated that innovation in the non-bank financial sector, including insurance, pensions, microlending, and medical aid holds potential for expanding access to financial services. "FinTech is no longer optional. It is now a strategic imperative that can redefine financial engagement in Namibia," he said.
He warned that FinTech carries risks such as cybersecurity threats, data privacy concerns, and market concentration. "The challenge for us as a regulator is to foster innovation without compromising financial integrity or excluding vulnerable groups," he said.
Matomola stated that Namfisa has adopted a proactive regulatory role, engaging directly with innovators through platforms such as FinTech Square and the Namfisa Regulatory Sandbox. He reported that the sandbox currently includes three participants, with a fourth under review. The participants are from ReferredBy Financial Solutions, a referral-based credit platform; Ergo Analytics (Verime), a digital identity verification provider; and Express Credit, which is piloting products aimed at informally unemployed consumers.
"These innovators are testing locally relevant models that align with our goal of expanding safe financial access," he said. He also highlighted the importance of partnerships in building the ecosystem, citing collaboration with regulators, academia, telecoms, and investment bodies. "No ecosystem thrives in isolation. Collaboration is essential for scaling innovation and increasing impact," he said.
Looking ahead, the CEO said Namfisa aims to further develop the sandbox to include models such as crowdfunding and peer-to-peer lending. "Let us listen boldly, speak honestly, collaborate intentionally and innovate responsibly," Matomola said. FinTech Square 2025 runs from 07-08 August 2025.