Youths challenged on fintech solutions

Estimated read time 2 min read

Innovative youths have been challenged to develop technology-driven solutions that can help Namibian financial entities to offer services directly to clients in a better and cost-effective way.

This was said by Namibia Financial Institutions Supervisory Authority (Namfisa) chief executive officer Kenneth Matomola last week when he announced the hosting of the Fintech Square 2023 in Windhoek on Thursday and Friday.

He said this kind of innovation would enable existing non-bank financial institutions and smaller innovative businesses to better provide financial services to consumers.

“This event was developed by Namfisa to engage innovators, in particular, the youth, regulated entities, fellow regulators, and the broader public,” he said.

Matomola said the Fintech concept became popular after the 2008 financial crises, as this technology was able to assist businesses to find innovative means to finance households and small and medium enterprises during the crises period.

“Furthermore, the Covid-19 pandemic led to a technological revolution, as business needed to be conducted from remote locations or from the comfort of our homes.

“Meetings now have changed from face-to-face to a virtual or hybrid environment. This has, thus, changed how business and financial services are conducted and offered respectively.”

Matomola said on 10 May, Namfisa will launch the Namfisa Regulatory Sandbox, a platform for new innovators to test their innovative products and services in a live environment with actual clients.

“This will assist the regulator to learn about new technologies, but limit exposure of innovators to the broader market,” said Matomola.

He said Namfisa had invited Capital Markets Authority of Kenya and Prembly, an innovative fintech operating in Africa, to share their experiences across Africa, and how technology-driven innovation led to financial access and inclusion across Africa.

“It is our intent for Namibian fintech entities to showcase their products and services to the broader public,” he said.

Matomola said about 30 entities had applied to showcase their their innovations.

From these 30 applicants, 20 innovators were directly linked to the non-bank financial institutions sector.

Commenting on GIZ and Prembly participation, Matomola said this is a sign that institutions can form partnerships that would drive initiatives in the interest of the public.

He urged more partners to come on board for next year’s Fintech Square 2024 to broaden the scope of innovations in Namibia and to support the youth in driving fintech in Namibia.

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