Namibia offers a strong potential for tech innovation and development, with a 71.2% economically active population and a 91% literacy rate according to the World Bank. As of 2021, the country ranked 100th among the 132 economies featured in the global innovation index (GII).
Perhaps, this is why Prembly, arguably Africa’s leading provider of compliance and digital security infrastructure, has partnered with the Namibia Financial Institutions Supervisory Authority (NAMFISA) for the second and sought-after Fintech Square at the launch of NAMFISA Regulatory Sandbox.
The partnership will help identify opportunities, drive collaboration, and foster innovation toward building a digital identity framework for the country, thus advancing its digital economy at large.
According to Prembly’s co-founder and COO, Niyi Adegboye, the partnership signifies the company’s continuous dedication to enabling innovation and promoting safe and digitally sound economies in Africa.
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.Niyi Adegboye, Prembly’s co-founder/COO
Having worked with governments and regulatory bodies in over 40 African countries, Pembly has established itself as a leading provider of identity verification, compliance and online security solutions across emerging markets, With tailored solutions, the company has advised on policy formulation, compliance, and security needs in various emerging markets.
By leveraging Prembly’s expertise in digital identity solutions, NAMFISA aims to create an inclusive and interoperable comprehensive system that supports innovation while meeting regulatory compliance needs.
Prembly’s digital security and identity quest
The fintech industry in Africa has seen a remarkable surge in growth over the past eight years, as businesses have rapidly embraced new technologies and shifted to digital platforms. To fully capitalize on this dynamic market, assessing the market restrictions and providing solutions that impact digital identity systems is critical.
Since its launch in 2020, Prembly is helping to power the infrastructure that builds trust online between businesses and their customers. It aims to make the internet safe for everyone, serving brands across industries, not just fintech.
The collaboration with NAMFISA is a significant indicator of their dedication to the development of a large-scale global digital security infrastructure that economies may use to strengthen their ecosystem. Perhaps it will also contribute to the development of a secure environment that is long-lasting for investment.
In the startup ecosystem index, the nation scored 0.4 points, according to information from StartupBlink, which is noteworthy. With this indicator, Namibia came in at number 91 out of 100 nations worldwide.
Kenneth Matomola, CEO of NAMFISA, expressed enthusiasm over the partnership and said it consolidates the organization’s purpose to oversee and regulate the nation’s fintech sector and ensure a safe environment for all.
“The partnership with Prembly brings expertise in compliance and digital security to the table. We’re most grateful to have received their support which aligns with NAMFISA’s mission to regulate and supervise Namibia’s financial sector in a manner that fosters innovation, financial inclusion, and stability.Kenneth Matomola, CEO, NAMFISA.
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