- What is crowdfunding?
- Crowdfunding is a financing method that harnesses the power of collective contributions from many individuals to fund projects, ventures or initiatives. This innovative approach utilises online platforms to connect project creators with potential funders, enabling them to raise funds in small increments from a broad audience. Crowdfunding campaigns can cover diverse sectors, including technology startups, charitable causes, or even personal endeavours. Funders or investors can choose to support projects they find appealing, and in return, they may receive rewards, products, or a stake in the project’s success. Crowdfunding not only serves as a funding mechanism but also fosters community engagement, democratising the financial landscape by allowing individuals to participate in the success of projects that resonate with them.
- What is peer-to-peer lending?
Peer-to-peer (P2P) lending facilitates direct lending between individuals without the need for traditional financial intermediaries. In this decentralised approach, individuals seeking loans (borrowers) are connected with potential lenders through online platforms. P2P lending platforms employ technology to match borrowers with lenders based on factors such as creditworthiness and loan terms. This alternative form of lending often provides borrowers with more flexible options and potentially lower interest rates compared to traditional channels. Simultaneously, it offers investors an opportunity to diversify their portfolios and earn returns by participating in the lending process. P2P lending has gained popularity globally as it leverages the efficiency and accessibility of online platforms to reshape the dynamics of borrowing and lending in the financial landscape.
- How to apply?
Access the application form via this link and follow the simple on-screen instructions to duly complete and submit the form: Application Form
Deadline for applications: Friday, 8 March 2024
For more information, you may contact the FinTech Square team via email at fintechsquare@namfisa.com.na , or the FinTech Specialist via telephone at +264 61 290 5008.
How to apply?
Access the application form via this link and follow the simple on-screen instructions to duly complete and submit the form: Application Form
Deadline for applications: Friday, 8 March 2024
For more information, you may contact the FinTech Square team via email at fintechsquare@namfisa.com.na , or the FinTech Specialist via telephone at +264 61 290 5008.
- What is a Regulatory Sandbox?
A regulatory sandbox is a tailored environment in which start-up entities and other specified innovators conduct live tests of proposed innovations under controlled conditions while under the supervision of the primary regulator in that sector.
- What is the purpose of the NAMFISA Regulatory Sandbox?
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.
- What value does the NAMFISA Regulatory Sandbox add to the Namibian economy and financial services 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.
- Who is eligible to participate in the NAMFISA Regulatory Sandbox?
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.
NAMFISA Regulatory Sandbox - Guidance Note for Microlending Cohort