Konsentus chosen by Namibia’s central bank to deliver Open Banking standards

The Bank of Namibia, the country’s central bank, has chosen UK-based global provider of Open Banking advisory services and centralised technology infrastructure Konsentus to develop API standards to support the implementation of Open Banking.

Konsentus will identify, recommend and facilitate the development of API standards, as well as develop rules around data sharing, formulate consumer education initiatives and outline recommendations for operationalising Open Banking in the country.

Brendan Jones of Konsentus

The central bank’s National Payment System Vision 2021-2025 identified Open Banking as “an enabler of consumer-focused, innovative payment solutions”, according to Konsentus.

In October 2022, the Bank of Namibia commenced a programme of standards creation to ensure that Open Banking could be adopted through a regulatory-led approach.

In March the following year, the Payments Association of Namibia (PAN) established an Open Banking Forum (OBF) comprising banks, non-bank financial institutions, payment institutions and domestic regulators, as well as PAN itself, to progress its plan for Open Banking.

The Bank of Namibia engaged Konsentus to develop the country’s Open Banking technical standards, at the request of the OBF.

The Bank of Namibia’s Barbara Dreyer

Barbara Dreyer, director, National Payment System and Financial Surveillance Department at the Bank of Namibia, said: “This work is an integral part of our modernisation strategy and is aligned with the National Payment System’s 2025 vision to drive economic progress and inclusive growth in Namibia.

“Open Banking and the sharing of consumer information through APIs will strengthen relationships between banks and non-banks, improving the customer experience, and we are delighted that Konsentus is helping us achieve these ambitions.”

The central bank has responsibility for focusing on Open Banking to enable financial inclusion.

Brendan Jones, chief commercial officer at Konsentus, added: “We are proud to be supporting the Bank of Namibia in this important project for the country’s economic growth and I am certain that our expertise in developing safe and secure open ecosystems around the world will result in exactly what’s needed to enable the country’s digital transformation agenda.”

John Broxis, a consultant at Konsentus, said that it is used to “breaking projects down” and “understanding different stakeholder requirements and how these can be built into an overall achievable plan”.

“The work we’re doing to operationalise Open Banking in Namibia will set the country on the right path to rapidly implement Open Banking, and then transition to Open Finance and Open Data,” Broxis added.

In March this year, Konsentus was chosen by SAVIS, a Vietnam-based digital capabilities provider, to work collaboratively on a legal and operational framework for Open Banking in Vietnam.