BoN, CRAN renew MoU
The Bank of Namibia (BoN) and the Communications Regulatory Authority of Namibia (CRAN) formalised their cooperation by signing a Memorandum of Understanding (MoU) in Windhoek last week.This MoU strengthens collaboration between the two regulators, reinforcing their commitment to effectively regulating the country’s telecommunication and financial sectors.
The newly signed MoU, replacing the 2016 version between the regulators, outlines the areas of cooperation and the establishment of a joint working committee, enabling the regulators to address matters of mutual interests, including telecommunications operators and mobile money; SIM registration and type approval of telecommunications equipment; cybersecurity and consumer protection; the implementation of the Electronic Transactions Act, 2019; open banking, open finance and unstructured supplementary service data issues; information sharing; and the coordination of supervisory activities in areas of mutual jurisdictions.
Through the MoU, CRAN and BoN aim to enhance regulatory oversight, streamline processes and foster innovation and growth in their respective sectors. By establishing clear protocols for cooperation, the MoU ensures the independence of both regulators while promoting collaboration in areas of mutual interest.
Speaking at the signing ceremony, CRAN’s chief executive Emilia Nghikembua emphasised the importance of adapting to the dynamic technological and financial landscapes.
BoN’s deputy governor, Leonie Dunn, highlighted that the convergence of financial services and telecommunications has introduced opportunities and challenges, particularly concerning cybersecurity threats and financial crimes.
She noted that the partnership between BoN and CRAN is crucial for implementing robust regulatory frameworks and fostering information sharing to safeguard the nation's financial stability and protect consumers.