The Bank of Namibia (BoN) and the South African Reserve Bank (SARB) have signed a revised memorandum of understanding (MoU) with a view to strengthening financial stability between the two countries.
According to TechAfrica News on Tuesday (3), the agreement was formalized in Pretoria by governors Ebson Uanguta of BoN and Lesetja Kganyago of SARB during an official visit by the Namibian official to the South African institution.
The new memorandum updates the existing cooperation framework, reflecting the changes that have taken place in the financial sector in Namibia and South Africa in recent years. The document incorporates more robust supervisory mandates, strengthened resolution mechanisms, and instruments designed to respond to the growing complexity of financial institutions with cross-border operations.
The revision of the agreement recognizes the strong interconnection between the financial systems and economies of the two countries, in a context where banks, insurance companies, and other operators are active in both markets, requiring ongoing coordination between regulators.
According to Governor Ebson Uanguta, the revised memorandum consolidates a “lasting and constructive” institutional relationship based on a common history, regional integration, and a shared commitment to preserving monetary and financial stability.
With this initiative, the two central banks are strengthening technical cooperation and information exchange, contributing to a more resilient financial environment in Southern Africa.
