The Bank of Namibia (BoN) and the Communications Regulatory Authority of Namibia (CRAN) will strengthen regulatory cooperation following the signing of a new Memorandum of Understanding aimed at enhancing collaboration in regulating the telecommunications and financial sectors.

The agreement replaces the 2016 MoU and addresses key areas such as mobile money, SIM card registration, cybersecurity, and the implementation of the Electronic Transactions Act.

Both institutions will also work together on emerging issues such as open banking, open finance, and unstructured supplementary service data.

The MoU emphasizes consumer protection, ensuring safe and efficient services in both sectors.

CRAN CEO Emilia Nghikembua highlighted the need for regulators to adapt to rapid technological and financial changes, while BoN Deputy Governor Leonie Dunn stressed the importance of addressing challenges such as cybersecurity and financial crimes.

This strengthened partnership will also enhance oversight, streamline regulatory processes, and foster growth in Namibia's financial and telecommunications sectors, ensuring they remain secure, inclusive, and capable of supporting sustainable economic development.