NSA and Namfisa sign MoU on banking services
The Namibia Statistics Agency (NSA) and the Namibia Financial Institutions Supervisory Authority (Namfisa) on Wednesday signed a Memorandum of Understanding (MoU) on financial services data exchange and other areas of cooperation.
According to a joint press statement issued on Wednesday, the MoU establishes the framework for cooperation between the two organisations.
It said the collaboration will ensure that the two organisations will 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 figures referred to include long and short-term insurance data, medical insurance data, loans and advances from non-banking financial institutions and pension fund data,” it said.
The signing of the MoU sets the stage for collaboration in three areas – sharing vital information pertaining to the non-banking financial sector, acknowledging that timely, quality and relevant statistical information is a key element to ensuring that user needs are adequately met; and agreeing based on mutual respect and collaboration that does not affect the independence or limit the powers or mandates of either organisation.
According to Alex Shimuafeni, Statistician General and Chief Executive Officer (CEO) of the NSA, the collaboration will help to guarantee the production of high-quality statistics that are critical for decision-making, policy formulation and economic development.
“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.
Namfisa CEO, Kenneth Matomola, reiterated Namfisa’s commitment to working with the NSA to support the development of a robust non-banking financial sector in Namibia.
He also emphasised the significance of data in financial sector oversight and regulation.
“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,” he said.
Soure: The Namibian Press Agency