The Development Bank of Namibia (DBN) has announced a groundbreaking partnership with Identity Today, a leading RegTech company specialising in digital onboarding and automated compliance solutions. This collaboration marks a major milestone in DBN’s digital transformation journey, designed to enhance customer experience, streamline compliance, and ensure data security.
This partnership will facilitate seamless onboarding processes for DBN clients, ensuring compliance with Know Your Customer (KYC) and Know Your Business (KYB) regulatory requirements as mandated by Namibia’s Financial Intelligence Act, 2012, and the Financial Intelligence Amendment Act, 2023. Additionally, the collaboration will provide DBN with a digital edge through automated compliance, risk assessments, biometric verification, and advanced AI-driven support.
To support smooth integration, DBN will implement Identity Today’s solutions in two phases. Phase 1 will introduce a test phase for selected users, focusing on ease of use and optimal system configurations to enhance DBN’s application processes. The system will officially go live on the 15th of November 2024. Phase 2 will bring full integration with DBN’s ABACUS system, maximizing operational benefits and ensuring strict regulatory adherence.
This digital transformation offers DBN clients a streamlined experience with faster onboarding, reduced fraud risk, and consistent regulatory compliance. By automating compliance processes, DBN can deliver faster service while achieving significant cost savings in compliance management. Data security remains a top priority, with strong safeguards ensuring that sensitive client data is protected at every stage.
Commenting on the new development, Jerome Mutumba, DBN’s Marketing and Corporate Affairs Officer, said, “This partnership with Identity Today underscores DBN’s commitment to harnessing innovative technologies to drive customer-centric solutions. By adopting digital onboarding and automated compliance, we are not only enhancing our systems but also offering clients a faster, more secure, and fully compliant experience.”