Fintech Square makes great strides

Disruptive technology under the spotlight
Namfisa's Fintech Square brings together fresh ideas aimed at innovation and the fostering of financial inclusion.
Ogone Tlhage
  • 3 Months Ago - 2024-05-31 00:00:00
The Namibia Financial Institution Supervisory Authority (Namfisa) this week hosted the third installment of its Fintech Square initiative, aimed at building innovation that benefits non-banking financial institutions (NBFI).
Highlighting the need for the platform, Namfisa CEO Kenneth Matomola said the initiative connected innovators keen to build market-friendly products for the NBFI sector. “This platform connects Namfisa with innovators, consumers, industry players and regulatory authorities who are at the forefront of technological and digital advancements,” he said.
Apart from introducing new innovations, the initiative also aimed to enhance financial inclusion within the sector, Matomola explained.
“Our intent through Fintech Square is clear - to foster greater financial inclusion and enhance efficiency within the NBFI sector. The Fintech Square initiative aligns perfectly with our strategic theme of innovation aimed at encouraging the adoption of innovative technologies across the NBFI sector."

Youth involvement
The Communications Regulatory Authority of Namibia (CRAN), which sponsored Fintech Square to the tune of N$50 000, said it was necessary to encourage the involvement of the youth in the fintech space.
“We are keen to support and encourage the involvement of more young people in the fintech space,” communications manager Mufaro Nesongano said.
The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), the German government’s development agency, said its support of Fintech Square was based on its ability to foster financial inclusion.
“From a development cooperation perspective, financial technology can disrupt traditional non-banking services, enhancing financial inclusion and access to financial services. Digital platforms enable fintech to bring financial services to underserved rural areas, stimulating economic growth, managing risk and improving access to essential services despite geographic isolation."
The Fintech Square initiative concludes today.