Regulatory Alerts2024-10-11
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Credit Bureau Industry Comments on FIMA Outsourcing Standard
Credit Info Bureau Namibia submits industry comments on the FIMA General Standard 10.10-2024, which requires financial institutions and intermediaries to implement comprehensive risk mitigation, data security, and reporting protocols for outsourced functions. The comments clarify that credit bureaus fall outside NAMFISA’s current regulatory scope and request targeted adjustments for existing offshore partnerships, continuous risk reporting, and data access obligations. The industry further stresses that enforcing these notification and compliance mandates without transitional provisions would impose unnecessary operational burdens on established outsourcing arrangements.
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