UK regtech Konsentus has been selected by the Bank of Namibia to establish API guidelines for the central bank’s integration of open banking.
The Reading-headquartered open banking firm has been engaged to “identify, recommend and facilitate the development of the API standards”, according to a statement.
This is to also include establishing “appropriate rules” for data-sharing, initiating consumer education campaigns, and developing strategies for open banking adoption.
Barbara Dreyer, director for the national payment system and financial surveillance department at the Bank of Namibia, describes the initiative as an “integral part of our modernisation strategy and is aligned with the National Payment System’s 2025 vision” positioned to “drive economic progress and inclusive growth in Namibia”.
Konsentus consultant John Broxis adds that 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”.
Providing centralised technology infrastructure alongside its open banking consultancy services, the regtech previously appointed Jim Wadsworth to lead its international expansion into new markets last year, drawing on his global banking connections and five years of experience heading Mastercard’s open banking projects.
