The Bank of Namibia (BoN) plans to adopt advanced technologies, including artificial intelligence (AI) and machine learning, to modernise its operations and the broader financial sector over the next three years.
BoN’s Acting Director of Strategic Communications and International Relations Naufiku Hamunime said the development is part of the central bank’s 2025-2027 Strategic Plan, launched on Wednesday.
The Strategic Plan is aimed at driving smarter decision-making, streamlining operations, and positioning Namibia at the forefront of global financial innovation.
“Over the next three years, the Bank will embed cutting-edge technologies such as artificial intelligence and machine learning into its processes and the broader financial sector,” she said.
She said this new strategy aims to support Namibia’s financial sector with the best global practices and intends to leverage emerging technologies to foster inclusivity, sustainability, and economic prosperity.
“The newly launched strategic plan reflects a carefully crafted game plan aimed at addressing the challenges and opportunities of a rapidly evolving global financial system. The Bank will focus on three key priorities: building a smart central bank through the adoption of advanced digital tools, fostering an inclusive and resilient financial system supported by modern regulatory frameworks, and laying the foundation for a diversified economy driven by emerging industries,” she said.
Hamunime noted that these initiatives are designed to ensure macroeconomic stability while creating a financial ecosystem that is not only inclusive but also globally competitive.
“At the heart of this strategy lies a commitment to further the digital transformation agenda. The Bank recognises the power of technology to revolutionise operations, enhance efficiency, and expand access to financial services for all Namibians,” she said.
This comes as the Bank has demonstrated remarkable progress in executing transformative initiatives as set out in its 2022-2024 strategic plan while setting the foundation for the 2025-2027 strategy.
“These accomplishments include significant progress in financial inclusion, such as the development of an Instant Payment Platform set to launch in 2025, and the operationalisation of the Bank’s legal framework to advance financial sector modernisation. The Bank’s outreach initiatives, such as the Monetary Policy Announcement simulcast and dialogues, have brought stakeholders closer to its work,” Hamunime noted.
The Director said these efforts culminated in the Bank receiving two prestigious international accolades in 2024 – the Transparency Award for exemplary monetary policy communication and the Pioneer Award for its excellence in digital transformation.
Meanwhile, the Governor of the Bank of Namibia, Johannes !Gawaxab emphasised the significance of the new strategic direction.
The Governor noted that through collective effort and a forward-thinking approach, the BoN is confident that the strategy will transform the Namibian financial system and set a benchmark for innovation and resilience in Africa and beyond.
“The 2025-2027 Strategic Plan is a promise to the people of Namibia that we are prepared to lead with innovation to ensure financial stability today while creating opportunities for prosperity tomorrow. This plan reflects our belief that technology and inclusivity are the cornerstones of a resilient economy that benefits every generation,” he said.
