The World Bank says that Namibia has a lot of potential for tech innovation and growth because 71.2% of its people are working and 91% of its people can read and write.
The country was placed 100th out of 132 economies in the global innovation index (GII) as of 2021.
It’s possible that this is the reason Prembly, arguably Africa’s top supplier of compliance and digital security infrastructure, teamed up with the Namibia Financial Institutions Supervisory Authority (NAMFISA) to host the second and highly anticipated Fintech Square at the opening of the NAMFISA Regulatory Sandbox.
The partnership will help find chances, encourage collaboration, and encourage new ideas to build a digital identity framework for the country, which will help the digital economy of the country as a whole.
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This groundbreaking event, Fintech: The Africa Experience, showcases pioneering ideas and mitigates financial services business risks.
Niyi Adegboye, co-founder and chief operating officer of Prembly, says that the relationship shows how committed the company is to fostering innovation and promoting safe, digitally sound economies in Africa.
We’re excited to work with NAMFISA to create a digital identity system for Namibia. This partnership shows more clearly that we want to strengthen innovation and inclusion in Africa, and we’re committed to using our expertise and resources to move this goal forward.
Pembly is a major provider of identity verification, compliance, and online security solutions in emerging markets. It has worked with governments and regulatory bodies in more than 40 African countries. With custom solutions, the company has helped developing markets come up with policies, make sure they are followed, and meet their security needs.
NAMFISA wants to use Prembly’s experience in digital identity solutions to make a system that is open to everyone and works with other systems. This system will support innovation and meet regulatory compliance needs.
Prembly’s search for identity and digital security
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 get the most out of this changing market, it’s important to figure out what limits it has and come up with ideas that affect digital identity systems.
Since it started in 2020, Prembly has been helping to power the infrastructure that helps businesses and their customers trust each other online. Its goal is to make the internet safe for everyone, and it works with companies in many different fields, not just fintech.
The partnership with NAMFISA is a strong sign that they are committed to building a large-scale global digital security infrastructure that economies can use to improve their ecosystems. Maybe it will also help create a safe, long-lasting place to spend time.
According to StartupBlink, the country got 0.4 points on the startup ecosystem index, which is interesting. With this measure, Namibia was ranked 91st out of 100 countries in the world.
The CEO of NAMFISA, Kenneth Matomola, was excited about the relationship and said it solidifies the organization’s goal to oversee and regulate the fintech sector of the country and make sure everyone is safe.
“The relationship with Prembly gives us knowledge about compliance and digital security. We’re very thankful for their help, which fits with NAMFISA’s goal to control and oversee Namibia’s financial sector in a way that encourages innovation, financial inclusion, and stability.”