Konsentus, a global provider of open banking advisory services and centralised technology infrastructure, has been selected by the Bank of Namibia to establish API standards that will support the implementation of open banking in Namibia.
This initiative was sparked by Namibia’s National Payment System Vision 2021-2025, which identified open banking as a cornerstone for fostering consumer-centric, innovative payment solutions, according to FF News.
Following this vision, in October 2022, the Bank of Namibia launched a regulatory-led programme to design standards that would facilitate the adoption of open banking across the country.
Based in the UK, Konsentus provides regulatory and infrastructure solutions for the global FinTech market, focusing on secure and compliant open banking environments.
The company’s expertise in implementing safe, standards-based open ecosystems has made it a trusted partner for financial institutions worldwide.
The new standards being developed by Konsentus will serve as the technical foundation for open banking in Namibia.
Specifically, Konsentus will create a framework of API standards, devise guidelines for data-sharing, and set up consumer education initiatives.
These measures are intended to ensure that open banking in Namibia not only operates smoothly but also aligns with best practices in consumer protection and data privacy.
The open banking project in Namibia has been organised in part by the Open Banking Forum (OBF), a collective established by the Payments Association of Namibia (PAN) in March 2023.
The OBF includes banks, non-bank financial institutions, payment companies, and domestic regulators, all of which contribute to the strategic direction of open banking in the country.
Ms. Barbara Dreyer, director of the National Payment System and Financial Surveillance Department at the Bank of Namibia, expressed her support for the project. “This work is an integral part of our modernisation strategy and is aligned with the National Payment System’s 2025 vision to drive economic progress and inclusive growth in Namibia. Open banking and the sharing of consumer information through APIs will strengthen relationships between banks and non-banks improving the customer experience and we are delighted that Konsentus is helping us achieve these ambitions.”
Brendan Jones, chief commercial officer of Konsentus, added, “We are proud to be supporting the Bank of Namibia in this important project for the country’s economic growth and I am certain that our expertise in developing safe and secure open ecosystems around the world will result in exactly what’s needed to enable the country’s digital transformation agenda.”
Konsentus consultant John Broxis also commented, “We are experts in our field and that’s why organisations across the globe come to us to deliver their vision. We are used to breaking projects down and understanding different stakeholder requirements and how these can be built into an overall achievable plan. The work we’re doing to operationalise open banking in Namibia will set the country on the right path to rapidly implement open banking, and then transition to open finance and open data.”
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