STAFF WRITER
NAMIBIA launched a ten year financial sector transformative strategy on Monday aimed at improving access to to banking and local ownership of financial institutions.
The strategy deliberately targets dealing with inequality, limited access to finance, youth unemployment, consumer protection, climate vulnerability, and responding to a rapidly digitising global economy.
The strategy, a partnership between Bank of Namibia, Ministry of Finance and the Namibia Financial Institutions Supervisory Authority (NAMFISA) will run between 2025–2035.
“This bold national strategy sets the course for a modern, inclusive, and future-ready financial system that serves the development needs of all Namibians.
“The Strategy represents a deliberate response to deep-rooted and emerging challenges facing the financial sector, including inequality, limited access to finance, youth unemployment, consumer protection, climate vulnerability, and a rapidly digitising global economy,” said a combined statement released by the three partners.
According to the statement, the strategy also seeks to position the financial system as an active driver of national transformation and aligns with Vision 2030 and the upcoming Sixth National Development Plan (NDP6).
“ At the heart of the Strategy lie five key pillars that will anchor its interventions over the next decade. These are: Financial Sector Development for Growth and Sustainability, digital transforms , financial access, literacy protection, financial sector localisation and skills development.
“Each pillar is accompanied by specific, measurable goals and a clear roadmap for execution.
Bank of Namibia Johannes !Gawaxab said the strategy is a bold move towards a localized and empowering sector
“We gather not to celebrate the status quo,but to redefine the role of finance in Namibia: not as an abstract system, but as a foundation for economic empowerment, a catalyst for innovation, and a driver of inclusive growth,” he said NAMFISA CEO Kenneth Matomola im emphasised the urgency of implanting the strategy.
“The next decade offers an extraordinary opportunity. We must navigate digital disruption, demographic shifts, climate challenges, geopolitics, econo-
politics, and widening inequality, all while advancing Namibia’s developmental goals,” he said.
Ministry of Finance Executive Director Michael Humavindu said the strategy is more than just a policy exercise.
“This is not a policy exercise; it is a national imperative. When the Cabinet approved this strategy in June 2025, it was more than an administrative act, it was a declaration of resolve. It said to every Namibian: your potential will no longer be limited by structural barriers. It said to the world: Namibia will not simply adapt to change; we will shape it,” he said.
Th strategy comes after President Netumbo -Nandi Ndaitwah recently raised concern over the continued exclusion of those living in the rural areas from fully accessing the country’s financial sector due to a plethora of limitations.
She said despite progress by the Bank of Namibia to effectively discharge its mandate, Namibia’s financial sector continues to be unresponsive to the needs of the rural folk.
Speaking at the launch of new notes and coinage by the central bank recently Nandi-Ndaitwah said Namibia’s financial sector continues to face significant challenges that limit its ability to drive inclusive and sustainable economic growth.
“ Access to financial services remains uneven, with rural communities and those engaged in the informal economy still largely excluded from the mainstream financial systems and services, and they are the majority in our country,” she said. Namndi-Ndaitwah also raised red flags of the country’s high banking charges.
“Banking fees and charges is another major concern for Namibians and have become a topical issue in our parliament, with motions passed to this effect. Tackling this issue is vital for easing the financial burden on consumers in a fair and transparent manner.
“ In this context, the recent directive by the Bank of Namibia to direct banks to reduce the margin between the Repo Rate and the Prime Lending Rate by 25 basis points to align with the Common Monetary Area practice is a welcome development,” she said.
The President said the exclusion deepens poverty and prevents meaningful economic participation for the majority of rural areas and those that are outside the formal mainstream of the economy.
The President also singled out Digital financial literacy as another pressing weakness of the Namibian financial sector.
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