The Governor of the Bank of Namibia, Ebson Uanguta, and his South African counterpart, Lesetja Kganyago, have signed a revised Memorandum of Understanding in Pretoria, reinforcing cooperation between the two central banks.
The agreement was concluded during Uanguta’s courtesy visit to the South African Reserve Bank, replaces the previous memorandum.
Officials said the updated framework reflects significant changes in the financial sector landscape in both countries, including expanded supervisory mandates, stronger resolution frameworks and the growing complexity of cross-border financial institutions operating in Namibia and South Africa.
The two economies are closely integrated, with strong financial market linkages and banking groups operating across both jurisdictions.
The revised memorandum establishes a formal framework for cooperation in central banking, financial supervision, regulation and resolution planning for institutions and financial groups with cross-border operations.
Areas of cooperation include strengthening regional integration, enhancing coordination between monetary and fiscal authorities, promoting cross-border financial stability and supporting capacity-building initiatives.
The agreement is also aimed at improving supervisory coordination, bolstering crisis preparedness and protecting depositors in both countries.
The central banks said the framework would help maintain confidence in the regional financial system through structured engagement and policy alignment.
The memorandum does not create legally binding obligations and does not affect the statutory independence of either institution.
Speaking at the signing, Uanguta said the revised agreement reflects the enduring and constructive relationship between the two central banks, grounded in shared history, regional integration and a common commitment to monetary and financial stability.
“In an increasingly complex global environment marked by digital transformation and emerging risks, regional cooperation is essential to strengthening resilience and safeguarding financial stability,” Uanguta said.
This article was first published here in partnership with The Brief