Financial services challenges

NEDBANK Namibia’s newly appointed executive for Treasury, Stuart Main, said Namibia’s financial services industry does indeed face numerous challenges, including issues concerning regulation. However, he stated that the cost of regulation in the financial sector is necessary as these regulations are there to protect the financial stability of the system, as well as the bank and its clients. “I feel that the pandemic fast-tracked the development of digital channels, so in my opinion technology has not really disrupted the banking industry but has helped improve efficiency in the sector. If the pandemic has taught us anything, it should be that you must be adaptive to a rapidly changing business environment,” he said.