Regulatory AlertsNamibia: fintech & payments regulation
RegulatedDual-regulation: BoN licenses payments (PSMA 2023); NAMFISA supervises financial institutions (FIMA 2021)
- Lead regulator
- Bank of Namibia
- Also involved
- NAMFISA (financial institutions) · NFIU (AML/CFT)
- Core law
- Payment System Management Act, 2023
- Entry capital
- —
- Approval timeline
- —
- Customer assets
- Licensed custodian only
- Data protection
- POPIA 2013 · Information Commissioner
- Sandbox
- No
Namibia operates a dual-regulatory framework for fintech. The Bank of Namibia (BoN) is the primary supervisor for payment services, electronic money, and remittance under the Payment System Management Act (PSMA), 2023. The Namibia Financial Institutions Supervisory Authority (NAMFISA) regulates broader financial institutions and markets under the Financial Institutions and Markets Act (FIMA), 2021. The regime is modernizing rapidly, with key determinations on e-money and licensing recently implemented.
Which licence do you need?
| Your activity | Requirement | Capital | Timeline | Authority |
|---|---|---|---|---|
| Payment processing / gateway | LicencePayment System Operator Authorization required under PSD-6 for system operators | — | — | Bank of Namibia |
| E-money & wallet issuance | LicenceElectronic Money Issuer Licensing mandated by PSD-3; interoperability required via Instant Payment Switch | — | — | Bank of Namibia |
| Domestic money transfer | LicencePayment Service Provider Domestic EFTs regulated under PSD-9; requires authorization | — | — | Bank of Namibia |
| Cross-border remittance | LicencePayment Service Provider Cross-border transfers regulated under PSDIR-10 and PSD-9 | — | — | Bank of Namibia |
| Agent network | Uncertainverify with regulator Agent network rules not explicitly detailed in source documents | — | — | — |
| Open banking / account information | Uncertainverify with regulator No specific open banking framework identified in source documents | — | — | — |
| Foreign-exchange services | Uncertainverify with regulator FX services not explicitly detailed in source documents | — | — | — |
New — what changed recently
- 2026-05-01Commencement of FIMA 2021 — The Financial Institutions and Markets Act 2021 and NAMFISA Act 2021 formally commenced, establishing a modernized regulatory framework for non-banking financial institutions.
- 2025-12-16Amendment to PSDIR-11 — Compliance deadline for e-money interoperability through the Instant Payment Switch extended to 30 June 2026.
- 2024-08-27PSD-3 Determination — Established minimum requirements and licensing mandates for entities issuing electronic money in Namibia.
Market-entry checklist
- 1Apply for BoN Payment LicenseSubmit application under PSD-6 for authorization as a Payment System Operator or Provider to the Bank of Namibia.
- 2Ensure E-money InteroperabilityConnect to the Instant Payment Switch to achieve interoperability with other payment service providers by the regulatory deadline.
- 3Register with NAMFISAIf offering broader financial services, register under the FIMA 2021 framework with the Namibia Financial Institutions Supervisory Authority.
- 4Implement Cybersecurity StandardsAdhere to operational resilience and cybersecurity mandates under PSD-12 for all entities in the National Payment System.