The Namibia Financial Institutions Supervisory Authority (NAMFISA) has launched the annual Fintech Square campaign aimed at promoting innovation and dialogue among creators, investors and industry leaders.
Fintech technology is a rapidly growing sector blending finance with innovation to make financial processes accessible, faster and efficient through digital platforms.
The event, held under the theme "Igniting local innovation: Creating a collaborative, investable and inclusive fintech ecosystem", gave innovators the opportunity to showcase their ideas and connect with industry leaders and investors.
NAMFISA's Chief Executive Officer, Kenneth Matomola, says this reflects their shared ambition to cultivate a digital financial ecosystem that is intelligent, inclusive and secure.
"Innovation must not deepen inequality, exclude vulnerable groups or compromise financial integrity. Our challenge is to innovate responsibly, inclusively and deliberately, ensuring that smallholder farmers in rural Namibia benefit as much as window-based entrepreneurs. So when we look at Fintech, we see this as a double-edged sword. It means it has its own benefits, and there are risks that are involved."
Matomola says although financial technology comes with many advantages, such as online banking and digital payments, it does come with risks, such as cybersecurity and data privacy.
He added that NAMFISA is committed to enabling responsible innovation, as their mandate involves financial system stability, protecting consumers and nurturing a thriving financial sector.
Deputy CEO for Prudential Supervision at NAMFISA, Erna Motinga, says innovation is the key to extending services to each and every Namibian wherever they find themselves.
"Over the next two days, one and a half days, we will hear fresh ideas, we will see emerging technologies, and most importantly, we will have honest conversations about how to bridge the gap between vision and reality. So to our local innovators, your energy and ideas are the heartbeat of this platform, and we appreciate you for that. To our regional and international partners, your presence enriches the conversation and reminds us that we are part of a much larger digital ecosystem."