WINDHOEK, July 28 (Xinhua) -- Namibia on Monday unveiled a comprehensive financial sector transformation strategy aimed at modernizing the country's financial system and expanding access to finance over the next decade.
The Namibia Financial Sector Transformation Strategy 2025-2035, launched by the Bank of Namibia (BoN) in collaboration with the Ministry of Finance and the Namibia Financial Institutions Supervisory Authority (NAMFISA), outlines reforms in five priority areas: financial sector development, digital innovation, financial inclusion and literacy, localization of financial services, and skills development.
Speaking at the launch, BoN Governor Johannes Gawaxab said the initiative marks a new policy direction for the country's financial landscape. "We gather not to celebrate the status quo, but to redefine the role of finance in Namibia," he said.
While the current system is stable and modern, he noted that access remains uneven, particularly in rural and informal sectors. The strategy, he added, seeks to close those gaps and broaden economic participation.
As part of the initiative, the central bank will introduce a national instant payment system in 2026 to enhance digital transaction infrastructure and improve financial accessibility.
Also speaking at the launch, NAMFISA Chief Executive Officer Kenneth Matomola said the authority would intensify efforts to ensure consumer protection, promote fair business practices, and strengthen cybersecurity in the evolving digital finance landscape.
Michael Humavindu, executive director at the Ministry of Finance, said the strategy reflects a national commitment to removing structural barriers within the financial system. He described the plan as "a declaration of resolve" by the Namibian government.
The strategy aligns with the country's Vision 2030 goals and upcoming sixth National Development Plan. It was developed following consultations with stakeholders from government, the private sector, civil society, and regional partners. ■