Konsentus has announced its collaboration with the Bank of Namibia in order to develop API standards and to support the bank’s implementation of Open Banking. Following this announcement, the Bank of Namibia engaged with Konsentus in order to enable financial inclusion and develop Open Banking technical standards at the request of the OBF.

In addition, both financial institutions will continue to focus on meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry as well. More information on the Konsentus x Bank of Namibia partnership Open Banking was identified in the National Payment System Vision 2021-2025 as being a strategy that focuses on customer needs, as well as optimised payment solutions. The Bank of Namibia also embarked on a programme of standard developments, so that Open Banking could be adopted through a regulatory-led approach.

Throughout this partnership, Konsentus is expected to identify, recommend, and facilitate the development of the API standards. At the same time, the company will develop appropriate rules around data-sharing, formulate customer education initiatives, and set out recommendations for operationalising Open Banking in the country. Open Banking and the process of sharing customer information through APIs is set to strengthen relationships between banks and non-banks, which will improve the client experience and satisfaction.

The collaboration will support the development of the Bank of Namibia, as well as its economic growth and digital transformation agenda. In addition, the initiative is expected to set the country on the right process of implementing Open Banking securely and quickly, as well as enabling it to transition towards Open Finance and Open Data. For more information about Konsentus, please check out their detailed profile in our dedicated, industry-specific Company Database.

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