practice. the code shall set out the banking industry ’ s key commitments and obligations to customers on standards of practice, disclosure and principles of conduct in relation to banking services. director of ceremonies, in terms of the best practices, the code shall provide that contract between the commercial banks and customers shall have a clear, plain and simple terms, for the understanding of which no special knowledge is required. a very good example to draw from is when president obama signed the new credit card bill of rights into law, he challenged the industry to create a simple, easy to understand credit card agreement that you “ don ’ t need a law degree or a magnifying glass to understand. ” this means eliminating provisions and confusing terminology used by lawyers for reasons of tradition or habit, replaces the legalistic with plain - language, and introduces information design to enhance readability and comprehension. it is thus the intention of the bank that contracts should be simple, short, and preferable designed to fit on one or two pages. the other key aspect of this code will be to enforce good lending practices by banks to avoid over - indebtedness. banks will, therefore, be expected to act in the best interest of its customers by ensuring that they know and understand the customer ’ s needs, only offer them products and services that are suitable to such needs, and provide them with information to enable them to make informed choices. the code will further require banks to have in place effective complaints handling procedures and appropriate timelines within which complaints should be dealt with. this also means that banks will be directed to be the first “ port - of - call ” to offer redress for customers, by having dedicated complaints desks to handle customer grievances. at this juncture i wish to inform you that the bank of namibia, together with the industry, will issue the said draft code of good banking practice, during the course of this year for public comments. therefore, director of ceremonies, i humbly request the audience present in this room to spend time and do justice to all consumer protection initiatives, which we bis central bankers ’ speeches all agree are close to our hearts by providing extensive comments to the bank on the draft consultative paper. director of ceremonies, ladies and gentlemen, the other initiative being pursued by both the bank of namibia and our sister regulator, the namibia financial institutions supervisory authority, is the establishment of financial services ombuds office, in terms of the draft financial institutions and markets bill. this office will be financed and

not only to a supervisory authority but also to the entire ecosystem. indeed, these concrete experiments have enabled the acpr, based on specific use cases, to examine the code of the algorithms, their intrinsic performance, their integration into operational processes, and their control and governance environment. drawing on this experiment, in order to share widely the lessons it has learned, the acpr published astudy last june outlining what the framework for the proper use of these future tools could look like. in this way, experimentation allows us to send the right signals for the ecosystem to realise the potential of new technologies without fearing a delayed and unexpected “ backlash ” from the supervisory authority. the experiments underway at the banque de france on a central bank digital currency ( cbdc ) are an illustration of the same experimental approach in the field of work specific to central banks. they present with issues directly related to the need for the eurosystem, should circumstances require it, to be ready to issue a cbdc in order to ensure that central bank money is accessible to the general public and to preserve their freedom of choice of means of payment and their confidence in our currency. by testing the possible uses of a cbdc, we investigate not only the potential of blockchain technologies but we also question the players in the ecosystem on what tomorrow ’ s landscape could look like, on subjects as fundamental as the methods of exchanging financial instruments for cbdcs, the improvement of the conditions for executing cross - border payments or new ways of making cbdcs available to financial sector players. * * 2 / 4 bis central bankers'speeches the second thrust of our work is to promote a regulatory framework and appropriate supervisory practices. in this respect, our immersion, as a player, in the innovative fintech ecosystem is a valuable asset that we intend to build on in order to contribute to the impending and necessary changes in regulations and supervision. to briefly illustrate the current state of play of our supervisory practices, i would like to mention the “ suptech ” approach underway at the acpr : the supervisory authority ’ s aim is to take advantage of innovation to better carry out its missions at the best cost for the community and thus prepare the supervision methods for tomorrow ’ s financial processes. to date, four tools developed in intrapreneurship with the support of the banque de france ’ s lab, our space dedicated to innovation, have been created and should concretely increase the efficiency of our supervisors. but i would like to focus