Namibia: fintech & payments regulation

Who regulates

• Bank of Namibia

  Primary supervisor for payment systems, payment service providers, and financial market infrastructures.

  ^{[1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18]}

• Namibia Financial Institutions Supervisory Authority (NAMFISA)

  Primary supervisor for financial markets, insurance, collective investment schemes, retirement funds, and friendly societies.

  ^{[19][20][21][22][23][24][1][4][5][6][7][8][25][26][9][10][11][12][13][14][27][28][29][30][31][32][33][34][35][36][15][16][37][38][39][40][41][42][43][44][45][46][47][48][49][50][51][52][53][54][55][56][57][58][17][59][60]}

Core laws & rules

• Payment System Management Act (2023)

  Establishes the regulatory framework for licensing payment service providers, authorizing payment system operators, and designating systemically important financial market infrastructures.

  ^{[1][3][4][5][6][7][8][9][10][11][12][13][14][15][16][18]}

• Financial Institutions and Markets Act (2021)

  Consolidates and harmonizes the regulatory framework for non-banking financial institutions, intermediaries, and markets, including insurance, collective investment schemes, and retirement funds.

  ^{[19][20][21][22][23][24][1][4][5][6][7][8][25][26][9][10][11][12][13][14][27][28][29][30][31][32][33][34][35][36][15][16][37][38][39][40][41][42][43][44][45][46][47][48][49][50][51][52][53][54][55][56][57][58][17][59][60]}

Licensing & registration

• Payment Service Provider

  Entities providing payment services must be licensed and authorized by the Bank of Namibia under the Payment System Management Act, 2023.

  ^[1][11]

• Electronic Money Issuer

  Entities issuing electronic money must obtain a license from the Bank of Namibia and comply with strict operational and capital requirements.

  ^[9]

• Financial Market Entity

  Central securities depositories, exchanges, clearing houses, and investment managers must register with NAMFISA under the Financial Institutions and Markets Act, 2021.

  ^[25]

• Insurance and Reinsurance

  Insurers and reinsurers must register with NAMFISA, meeting specific capital and governance standards.

  ^[61][55]

Restrictions & warnings

• Domestic card transactions must be processed, cleared, and settled within Namibia; cross-border processing is strictly prohibited for domestic cards.

  ^[16]

• Payment service providers must achieve interoperability through the Instant Payment Switch by 30 June 2026.

  ^[3][6]

• Cross-border low-value EFTs within the Common Monetary Area must transition from SADC-RTGS to the TCIB payment scheme.

  ^[7]

• Outsourcing of principal and material business functions by financial institutions is governed by strict risk-based standards.

  ^[26]

Direction of travel

• The regulatory framework is actively being operationalized, with the Financial Institutions and Markets Act, 2021 becoming fully effective on 1 May 2026, introducing comprehensive standards for non-banking financial institutions.

  ^[20][22]

• Regulators are focusing on enhancing financial inclusion, interoperability, and cybersecurity within the National Payment System.

  ^[6][17]

Sources

1. Bank of Namibia Determination on Licensing and Authorisation of Payment Service Providers · 2026-01-05
2. Bank of Namibia Determination on Standards for Fees and Charges for Payment Services (PSD-10) · 2025-12-24
3. Amendment (1) to PSDIR-11 · 2025-12-16
4. Public Notice – Implementation of the FIM Act · 2025-11-17
5. Bank of Namibia Determination on Interchange Rates and Off-Us ATM Withdrawal Fees · 2025-07-07
6. Directive (PSDIR-11) on E-money Interoperability through the Implementation of the Instant Payment Switch in the National Payment System · 2025-06-16
7. Directive on the Regularisation of Cross-border Low-value Electronic Funds Transfers within the Common Monetary Area · 2025-03-31
8. PSD-13 Determination on the Designation of Systemically Important Systems and Authorisation of Financial Market Infrastructures in Namibia · 2024-11-26
9. Bank of Namibia Determination on Issuing Electronic Money (PSD-3) · 2024-09-27
10. Directive on the Speed and User Fees and Charges of CMA Transactions · 2024-08-27
11. PSD-6 Determination for the Authorisation of Payment System Operators and System Participants · 2024-06-21
12. Amendment of PSD-9 and Directive PSDIR-9 · 2024-04-11
13. Explanatory Memorandum on Proposed Amendments to Pension Fund Regulations · 2024-02-20
14. Directive (PSDIR-8) on Straight-Through-Processing within the Namibia Interbank Settlement System · 2024-01-26
15. Bank of Namibia Determination on the Conduct of Electronic Funds Transfer Transactions in the National Payment System · 2022-10-14
16. Bank of Namibia Determination on the Conduct of Card Transactions within the National Payment System (PSD-4) · 2022-07-25
17. Critical Regulations and Standards for Immediate Implementation After Act is in Force · 2020-06-25
18. Bank of Namibia Determination on the Reduction of the Item Limit for Domestic Cheque Payments · 2017-12-28
19. Draft Proposed Standard GEN.S.10.29 on Change in Control of Financial Institutions · 2026-06-22
20. Operationalisation of the Namibia Financial Institutions Supervisory Authority Act, 2021 and the Financial Institutions and Markets Act, 2021 · 2026-05-08
21. Financial Institutions and Markets Act 2 of 2021 · 2026-05-08
22. Commencement of the Financial Institutions and Markets Act 2021 · 2026-05-08
23. Standards under the Financial Institutions and Markets Act 2021 for Fund and Society Administrators · 2026-05-08
24. Grandfathering of Subordinate Legislation · 2026-05-08
25. Standard 3.7: Application for Registration of Financial Market Entities · 2024-10-11
26. Capital Markets Industry Comments on FIMA General Standard 10.10 -2024 · 2024-10-11
27. Fund and Society Administrators Standards · 2023-04-05
28. Chapter 8 Breakdown: Industry Comments on Administrators · 2023-04-05
29. Public Notice – Extension on FIMA Act Formal Consultation · 2023-03-06
30. Public Notice – Extension on FIMA Act Formal Consultation · 2023-03-06
31. PSD-12 Determination of the Operational and Cybersecurity Standards within the National Payment System · 2022-12-20
32. Breakdown of Industry Comments on Chapter 10 General Provisions (FIMA 2021) · 2022-11-25
33. NAMFISA Standards Under the Financial Institutions and Markets Act 2021 (Preliminary and General) · 2022-11-25
34. Standards FIMA 2021 (Collective Investment Schemes) · 2022-11-25
35. Regulations under the Financial Institutions and Markets Act, 2021 · 2022-11-25
36. Regulations under the Financial Institutions and Markets Act, 2021 · 2022-11-25
37. Critical Regulations and Standards for Immediate Implementation After Act is in Force · 2022-06-25
38. Draft Proposed Standards Under the Financial Institutions and Markets Act, 2021 · 2022-04-22
39. Draft Proposed Standards Under the Financial Institutions and Markets Act 2021 · 2022-04-19
40. Notice to Trustees, Principal Officers and Other Officers of Foreign Pension Funds Registered in Namibia · 2021-12-13
41. Public Notice – FIMA Act Formal Consultation · 2021-11-25
42. FS.S.6.17 – Registration Requirements for Friendly Societies · 2021-11-11
43. FS.S.6.9 – Requirements for Voluntary Termination of a Society · 2021-11-11
44. Minimum Number of Members in a Friendly Society · 2021-11-11
45. Form of Certificate of Registration for a Friendly Society (Standard FS.S.6.18) · 2021-11-11
46. Fiduciary Responsibilities of Financial Institutions and Intermediaries · 2021-11-11
47. Standard GEN.S.10.14 – Information from List Applicants · 2021-11-11
48. Application for Registration of a Medical Aid Fund (MAF.S.7.14) · 2021-11-11
49. Form of Certificate of Registration for a Medical Aid Fund · 2021-11-11
50. RF.S.5.24 Registration Requirements · 2021-11-10
51. Pre S.1.1 Definition of Valuator · 2021-11-10
52. Voluntary Cancellation of Broker Registration (INS-S-2-17) · 2021-11-10
53. Application for Registration as Manager of a Collective Investment Scheme · 2021-11-10
54. Demutualization of a Self-Regulatory Organisation (FM.S.3.5) · 2021-11-10
55. Financial Institutions and Markets Act, 2021 (Act No. 2 of 2021) · 2021-10-04
56. Namibia Financial Institutions Supervisory Authority 2021 · 2021-04-22
57. Namibia Financial Institutions and Markets Bill 2021 · 2021-04-22
58. Critical Regulations and Standards for Immediate Implementation After Act is in Force · 2020-06-25
59. Critical Regulations and Standards for Immediate Implementation After Act is in Force · 2020-06-25
60. Pension Funds Act 24 of 1956 · 2017-04-07
61. Application for Registration of Insurers and Reinsurers (INS-S-2.3) · 2021-11-10