AFRICA of issues within fintech and regtech and has adapted its services in alignment with service innovations worldwide to support its citizens .
Incorporating five key areas – policies and legalities , access to information , local content , capacity and willingness , the project has enabled BoN to also implement digital tools to enhance its security backbone whilst it adopts new ways of doing business .
Namibia has a sparse population of 3mn citizens but harnesses a significant landmass for the banking sector to contend with . Whilst many businesses remain situated in its capital city Windhoek , businesses located in nearby towns have presented a number of challenges for the bank to reach those located in rural areas .
With a vision to be a centre of excellence , its investment in new digital tools has therefore granted the bank the ability to obtain economic data and provide flexibility , accessibility , and the delivery of value-added financial services across its banking platforms .
Additionally , whilst the bank remains in the regulatory space , it will consistently learn from other central banks and work alongside the International Monetary Fund ( IMF ) and The African Development Bank ( AfDB ), harnessing essential cloud technologies for increased flexibility , scalability and the reduction in risk across its operations .
However , with new digital tools and currencies entering the financial market , the bank has worked to educate its citizens on the risks surrounding virtual currencies . New financial currencies , such as bitcoin , are presently not regulated or recognised as legal tender in Namibia due to its market volatility . To this end , the bank has also released a paper regarding the distinction between
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