Express Credit becomes third Namfisa sandbox participant
The Namibia Financial Institutions Supervisory Authority (Namfisa) this week announced that Express Credit Cash Advance has officially signed the agreement to participate in the Namfisa Regulatory Sandbox.
Express Credit has become the third entity to participate in this initiative, preparing to test an innovative financial solution under regulatory oversight. The Namfisa Regulatory Sandbox provides a structured, controlled environment where non-bank financial service providers can test innovative products, services, solutions, and business models in live conditions.
This initiative is designed to promote innovation and enhance financial inclusion while ensuring consumer protection and regulatory supervision. By joining the Namfisa Regulatory Sandbox, Express Credit demonstrates its dedication to finding new methods to improve access to credit, especially for under and unserved communities in Namibia.
The proposed innovation will undergo thorough testing, with Namfisa overseeing the process to monitor its performance, ensure compliance, and assess the potential benefits and risks for consumers and the wider non-bank financial sector.
Furthermore, Namfisa is committed to nurturing innovation within the non-bank financial sector, aiming to strike a balance between fostering new ideas and ensuring consumer protection and market stability. It is crucial that responsible innovation meets the evolving financial needs of Namibian consumers.
Express Credit has become the third entity to participate in this initiative, preparing to test an innovative financial solution under regulatory oversight. The Namfisa Regulatory Sandbox provides a structured, controlled environment where non-bank financial service providers can test innovative products, services, solutions, and business models in live conditions.
This initiative is designed to promote innovation and enhance financial inclusion while ensuring consumer protection and regulatory supervision. By joining the Namfisa Regulatory Sandbox, Express Credit demonstrates its dedication to finding new methods to improve access to credit, especially for under and unserved communities in Namibia.
The proposed innovation will undergo thorough testing, with Namfisa overseeing the process to monitor its performance, ensure compliance, and assess the potential benefits and risks for consumers and the wider non-bank financial sector.
Furthermore, Namfisa is committed to nurturing innovation within the non-bank financial sector, aiming to strike a balance between fostering new ideas and ensuring consumer protection and market stability. It is crucial that responsible innovation meets the evolving financial needs of Namibian consumers.
