Financial enterprises meet to discuss smart reforms

The Bank of Namibia (BoN) recently convened a high-level Regulators Roundtable Engagement titled “Smart Regulation for a Dynamic and New Economy,” bringing together regulatory bodies, industry leaders, and policymakers. The event focused on crafting a balanced regulatory framework that fosters innovation, drives economic growth, and attracts investment while ensuring consumer protection and economic stability. Governor Johannes !Gawaxab underscored the need for a flexible, progressive approach tailored to Namibia’s unique socio-economic challenges, warning against the risks of overregulation that could hinder progress and push businesses into the informal sector.



“Namibia is a developing country, yet our regulations often mirror those of more advanced economies. We must acknowledge that our unique socio-economic challenges require a regulatory approach that is both flexible and progressive. Today’s discussion is about striking that balance; ensuring our regulations serve as a foundation for growth rather than an impediment.”





!Gawaxab highlighted the risks of excessive regulation, citing its potential to stifle innovation, discourage investment, and push businesses into the informal economy. He

emphasised the importance of fostering a regulatory environment that enables businesses to operate efficiently while maintaining necessary safeguards for the purpose of consumer

protection.



Among the organisations represented were the Financial Intelligence Centre (FIC), Communications Regulatory Authority of Namibia (CRAN), Namibia Financial Institutions Supervisory Authority (NAMFISA), Payment Association of Namibia (PAN), Namibia Revenue Agency (NAMRA), Electricity Control Board (ECB), Bankers Association of Namibia (BAN), Namibia Savings and Investment Association (NASIA), Business and Intellectual Property Authority (BIPA), and Namibia Investment Promotion and Development Board (NIPDB).





“Together, we can make smart regulation a cornerstone of Namibia’s economic future. By fostering innovation-friendly policies and championing sustainable development, we will build a Namibia that is competitive, resilient, and future-ready.”