Regulatory sandboxes can play an important role in fostering innovation that is needed to overcome the barriers to financial inclusion. Therefore, NAMFISA’s Regulatory Sandbox is an evidence-based tool that is established to promote (1) digital and non-digital financial services innovation; and (2) financial inclusion in the Namibian non-bank financial sector.
NAMFISA’s Regulatory Sandbox is an evidence-based tool that fosters innovation and financial inclusion in the Namibian non-bank financial sector and will ultimately contribute towards national transformative efforts of creating a vibrant, safe and conducive financial sector. In creating this conducive and inclusive environment, more economic opportunities are possible, economic activities have the potential to increase and ultimately, economic growth will be generated through the safe deployment and effective regulation of FinTech solutions in the Namibian non-bank financial market.
Each cohort of the NAMFISA Regulatory Sandbox is specific to a particular industry which NAMFISA regulates, which are Long Term Insurance, Short Term Insurance, Medical Aid Funds, Pension Funds, Capital Market Institutions and Microlenders.
Entities may apply to participate in the NAMFISA Regulatory Sandbox if:
- The entity is already licensed with NAMFISA, but is deploying a new and innovative product, service or solution that achieves the objectives of the Regulatory Sandbox, but may not meet certain requirements under current legislation;
- The entity is a start-up that wishes to enter the broader market with its innovative product, service or solution, but is inhibited by current legislation;
- The entity is a start-up with a business model that is new or innovative that achieves the objectives of the Regulatory Sandbox and that is not allowed in the broader market under current legislation; or
- The entity is requested by NAMFISA to participate in order to test its new and innovative product, service or solution.