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Namibia’s financial regulator partners with Prembly on digital ID regulatory sandbox

Namibia’s financial regulator partners with Prembly on digital ID regulatory sandbox

The Namibia Financial Institutions Supervisory Authority (NAMFISA) has signed a partnership agreement with Nigeria-based digital identity and selfie biometrics provider Prembly to set up a regulatory sandbox that will enhance digital innovation for tech startups.

The deal was concluded at the end of Prembly’s participation at a Fintech Square event organized recently by NAMFISA in Windhoek. The event was co-sponsored by Prembly and GIZ (the German Agency for International Cooperation), according to The Brief, and examined challenges, innovations and perspectives in the African fintech sector. The Capital Markets Authority of Kenya also participated.

Under the deal, the partners will maximize all available opportunities to help drive innovation by building an inclusive and interoperable digital ID framework for Namibia favourable for advancing its digital economy pursuits.

“We are excited to partner with NAMFISA and contribute to developing a digital identity framework for Namibia. This partnership further demonstrates our vision to strengthen innovation and inclusion in Africa, and we are committed to leveraging our expertise and resources to drive this mission forward,” says Niyi Adegboye, Prembly co-founder and chief operating officer as quoted by tech outlet Tech Nova.

Commenting on the deal on his LinkedIn page, Adegboye added: “The launching of a Regulatory Sandbox for the Namibian Fintech Startups is such a huge step by the government of Namibia through NAMFISA in supporting Fintech Innovation. Few African countries have implemented this and it will be good if others can learn from those successes and replicate.”

NAMFISA CEO Kenneth Matomola recognized Prembly’s compliance and digital security experience, saying the support for a regulatory sandbox fits in well with his institution’s “mission to regulate and supervise Namibia’s financial sector in a manner that fosters innovation, financial inclusion, and stability.”

According to Adegboye, the company is also working to add Namibia’s database to their list of countries where they help provide compliance solutions for businesses including Know Your Customer (KYC), Know Your Business (KYB), Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF).

The deal between Prembly and NAMFISA fits with Namibia’s reputation for nurturing emerging startups, a large economically vibrant segment of its population and a high literacy rate, Tech Nova suggests.

Prembly was established in 2021. It offers user friendly and AI-powered ID verification and fraud detection and prevention solutions for business in emerging markets in Africa.

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