Regulatory Alerts2024-11-08
Bank of Namibia Determination on Cloud Computing
The Bank of Namibia has issued a determination under the Banking Institutions Act, 2023, establishing comprehensive risk management and governance requirements for all authorized banking and microfinance institutions utilizing cloud computing services. The regulation mandates boards and senior management to implement documented cloud policies, conduct materiality assessments, secure prior approval for phased deployments, and ensure strict data protection, residency compliance, and third-party oversight. Institutions must maintain continuous monitoring, robust disaster recovery capabilities, and clear contractual arrangements with cloud service providers to mitigate operational, financial, and cyber risks while ensuring regulatory compliance.