Namibia is laying the foundation for a regulated open banking ecosystem, led by the Bank of Namibia (BoN). This journey reflects the country’s broader vision for a secure, inclusive, and innovation-driven financial sector. At the heart of this transformation is a regulatory-first approach, grounded in secure data sharing, strong governance, and collaboration across the financial ecosystem.
Rather than rushing to meet arbitrary deadlines, the BoN has adopted a phased implementation strategy. One that prioritizes technical readiness, stakeholder alignment, and consumer trust. Although the initial target for launch was March 2024, Namibia’s focus has shifted to building long-term infrastructure and standards that can support a sustainable open banking framework.
Namibia’s open banking model is defined by a regulatory-led approach, placing security and consumer protection at the core of innovation.
In its 2022 Position Paper on the Feasibility of Open Banking, the Central Bank announced its intention to kick-start open banking initiatives in the country, placing March 2024 as the original deadline for operational readiness. While the timeline may have shifted, foundational progress continues.
The 31-page position paper established a clear mandate: Namibia would implement open banking through a “regulatory-led approach” with mandated compliance after an 18-month preparation period.
Central to the framework is the prohibition of screen-scraping techniques, with the BoN mandating secure API integrations as the only permitted data-sharing method. The regulator has committed to developing three core standards:
The enactment of the Payment System Management Act (No. 14 of 2023) set a key milestone. This Act strengthens the Bank of Namibia’s regulatory authority over all participants in the National Payment System, including banks, non-bank financial institutions, and fintechs. The Act stands as a foundational pillar in Namibia’s open banking journey, providing the legal scaffolding to enforce standardized, secure, and inclusive payment practices across the ecosystem.
The legislation also transforms the Payment System Management Body into the Payments Association of Namibia (PAN), an industry-led body tasked with developing and maintaining technical standards. This formalizes stakeholder coordination and reinforces the collaborative framework needed to support open banking at scale.
Under Namibia’s framework, participating banks will be required to share specific customer-permissioned data with licensed third-party providers (TPPs), such as transaction histories, financial service usage, averaged balance data, and ATM locations. The BoN mandates that all data-sharing occur only with explicit consumer consent, reinforcing customer control and transparency.
The BoN also made it clear that it will not endorse exclusive agreements between players. Data-sharing must remain inclusive, secure, and accessible to avoid monopoly and truly reflect open banking
In November 2024, the Bank of Namibia appointed UK-based open banking specialist Konsentus to lead the development of Namibia’s API standards, marking a pivotal step in the country’s regulatory-led open banking journey. Acting on the recommendation of the Open Banking Forum (OBF), Konsentus is tasked with creating secure, interoperable API specifications, defining data-sharing rules, and advising on operational frameworks and consumer education. This collaboration aligns with the National Payment System Vision 2021–2025 and reflects Namibia’s ambition to enable inclusive, innovation-driven financial services through modern infrastructure and international expertise.
Under Namibia’s framework, participating banks will be required to share only specific customer-permissioned data with licensed third-party providers (TPPs), such as transaction histories, financial service usage, averaged balance data, and ATM locations. This helps to reinforce customer control and transparency.
The BoN also made it clear that it will not endorse exclusive agreements between players. This is to ensure open, non-discriminatory participation. Data-sharing must remain inclusive, secure, and accessible to avoid monopoly and truly reflect open banking.
There will also be a compulsory licensing and regulation of third-party providers (TPPs) to ensure system integrity and consumer protection.
Namibia’s move towards open banking is a multi-stakeholder effort, supported by local institutions and international expertise.
Bank of Namibia (BoN): Leads the policy, regulation, and governance of open banking initiatives.
Payments Association of Namibia (PAN): is the principal self-regulatory body for the Namibian payment industry. They established the Open Banking Forum (OBF) in March 2023 to bring together banks, fintechs, and other financial stakeholders.
Open Banking Forum (OBF): Facilitates industry consultations and spearheads open banking awareness campaigns across Namibia.
Konsentus: The BoN partnered with UK-based Konsentus to co-develop Namibia’s open banking API standards, security protocols, and operational guidelines
While open banking activities were initially slated to begin in 2024, the implementation is unfolding at a deliberate pace.
In 2025, the Bank of Namibia deepened its commitment to a modern, interoperable financial system by initiating the development of the Namibian Open Banking Standards and a national QR Code standard. These initiatives, central to the National Payment System Vision and Strategy (2021–2025), aim to drive secure data sharing between banks, fintechs, and third-party providers. The Open Banking Standards are expected to be finalized in 2025, marking a significant milestone toward operational readiness.
In parallel, the Bank signed a new Memorandum of Understanding (MoU) with the Communications Regulatory Authority of Namibia (CRAN) in December 2024. This partnership reinforces joint regulatory oversight across financial and telecommunications sectors and targets shared priorities like cybersecurity, mobile money, consumer protection, and open banking. The collaboration establishes a joint working committee to streamline policy development, enhance innovation, and strengthen safeguards across the digital and financial landscapes.
Work is also ongoing with Konsentus to define API specifications and enforce security standards. Banks and fintechs are being prepared through sandbox testing, consultations, and readiness assessments. OBF-led campaigns are underway to increase public understanding of data rights and open banking benefits, and prepare the broader ecosystem for adoption.
These efforts not only affirm the BoN’s regulatory leadership but also underscore the ecosystem-wide coordination necessary to deliver secure, inclusive, and innovative financial services to all Namibians.
Namibia’s cautious but proactive approach may establish it as a regional reference. The country’s approach to open banking is thoughtful, strategic, and built on a strong legal and operational base.
The BoN’s regulatory posture, combined with structured stakeholder partnerships, has laid a strong foundation for eventual nationwide adoption.
As the ecosystem matures, Namibia’s model may serve as a reference point for similar markets seeking to modernize their financial services through open data frameworks.
Open Banking Nigeria (Open Technology Foundation) is a non-profit backed by a group of industry experts across banking, fintech, risk management, and more to drive and launch the open banking standard in Nigeria.
