Namibia Financial Institutions Supervisory Authority (NAMFISA) has launched its 2023 FINTECH Square programme.

The regulator hopes to engage stakeholders in the transition to digitisation and financial inclusion, exploring concepts and best practices for industry, innovators and customers alike in the non-banking financial sector.

Fintech Square is a concept that became popular post the 2008 financial crisis.

The programme is meant to assist businesses to find innovative ways to finance households and Small and medium-sized enterprises (SMEs) during crisis periods.

The Chief Executive Officer at Namfisa Kenneth Matomola says deployment of such technology became necessary following the outbreak of COVID-19.

Matoola says the programme offers an opportunity for not only non-bank financial institutions but also innovative upcoming businesses, to provide financial solutions.

"I am proud to say that the Non-bank Financial Institutions sector was able to match this challenge by providing platforms to offer financial services to customers without face-to-face contact during the pandemic period. Although FINTECH is a buzzword, I define it in simple terms as the technology utilised by innovative businesses to provide financial services in an efficient manner".

One of the sponsors, Junior Technical Advisor, Ndapandula Auala says the programme will promote economic development.

"With the assistance of digital platforms fintech can bring financial services to many local individuals as well as micro small and medium enterprises that face challenges to access E-services due to geographic isolation, or none affordable financial services, we also see a great opportunity for local economic development as FINTECH will provide innovative solutions for connecting MSME's Wwith the affordable financial services".

Sponsored by GIZ and data verification provider IdentityPass by Prembly, the programme is set to run from the 10th to the 11th of May, with participants displaying their products and services to the broader public.



Lucy Nghifindaka