By Victor Ashikoto
Namibia is rapidly emerging as one of Africa’s top financial hubs, attracting investors and strengthening its position in regional trade.
According to the latest Africa Trade Barometer (ATB), Namibia is now the continent’s second most attractive trade destination – a testament to its growing economic influence.
The country’s investor-friendly policies, abundant natural resources – including uranium, diamonds, and gold – and modern infrastructure make it a prime location for business expansion.
To fuel this growth, the government, through the Namibia Investment Promotion and Development Board (NIPDB), offers tax incentives, streamlined permits, and favourable customs duties, further enhancing Namibia’s appeal to global investors.
But with rapid growth comes new challenges. As digital transactions and cross-border trade expand, so do the risks of cybercrime.
The digital landscape of 2024 presented new security considerations across Namibia’s economy. Over 1.1 million cyber incidents within the retail, gaming, and financial services sectors, were experienced nationwide. Despite 1.6% of all digital transactions in the first half of the year being flagged as suspected fraud, these challenges have catalysed unprecedented collaboration and innovation within the sector.
The financial services industry has responded decisively to the N$18.6 million in fraudulent activities reported in 2024. At Nedbank Namibia, we have transformed these statistics into actionable intelligence, developing sophisticated detection systems that identify and combat fraudulent activities. Our proactive approach ensures that we not only protect our customers’ assets, but also maintain the integrity and trustworthiness of our financial services.
Nedbank Namibia is leveraging these insights to pioneer a comprehensive approach to digital security. Rather than viewing cybersecurity challenges as obstacles, we see them as opportunities to strengthen Namibia’s digital infrastructure. Our awareness campaigns are creating a more security-conscious public, while our investments in cutting-edge technology help bridge infrastructure gaps.
We recognise that building digital resilience requires ecosystem-wide solutions. That is why Nedbank Namibia is actively partnering with educational institutions to develop the next generation of cybersecurity experts, while also collaborating with industry peers to share threat intelligence and best practices.
The forthcoming Cybercrime Bill represents a watershed moment for Namibia’s digital economy. Nedbank Namibia has been a key stakeholder in these discussions, contributing expertise to help shape provisions for digital investigations, forensic tools, and interception measures. This legislation will provide the robust framework needed for Namibia’s digital future, and we’re proud to support its development.
By transforming challenges into opportunities, Nedbank Namibia is helping to create a stronger, more secure financial ecosystem that benefits all Namibians.
Cybercriminals are now leveraging artificial intelligence (AI) to create convincing phishing emails, run automated scams, and even generate fake identities.
The rise of cryptocurrencies has also introduced unique challenges, with criminals exploiting the trend by establishing fraudulent trading platforms and deceptive investment schemes, leading to substantial financial losses for unsuspecting investors.
In one local case, a Namibian entrepreneur lost over N$300 000 to a fake cryptocurrency exchange platform in 2024.
Additionally, identity theft has surged in Namibia, with fraudsters impersonating banks or government agencies to extract sensitive information or make payments. These scammers often create a sense of urgency through fraudulent messages, pressuring victims into making hasty financial decisions without properly verifying the legitimacy of the request.
In one unfortunate incident, a 60-year-old pensioner from the Omusati Region lost N$1.1 million to scammers.
Another emerging trend is the rise in card-not-present (CNP) fraud, where unauthorised online transactions are made using stolen credit card details. A significant number of these credit card details are compromised by clients themselves when fraudsters call them. This is a tactic known as vishing. Vishing involves scammers posing as legitimate representatives from trusted organisations, such as banks, to trick individuals into revealing sensitive information over the phone. This combination of CNP fraud and vishing highlights the importance of educating our clients about the risks and encouraging them to be vigilant against such scams.
To address these growing concerns, Nedbank Namibia has stepped up its efforts to protect clients’ funds and stay ahead of fraud-related trends and incidents.
The bank takes a hands-on approach, combining advanced detection technology, strong authentication measures, and continuous staff training to counter evolving threats. A key part of its fraud prevention strategy includes regular customer awareness programs, ongoing internal monitoring, real-time transaction tracking, and multi-layered security systems—all designed to keep financial assets secure.
Additionally, the bank’s Fraud Standard Operating Procedure (SOP) ensures a rapid, 24/7 response to fraudulent activities. With real-time monitoring in place, suspicious transactions are swiftly identified, allowing the bank to act immediately to secure compromised accounts and minimise potential losses.
To further strengthen security, the bank has rolled out targeted awareness campaigns, equipping customers with the knowledge to spot and prevent fraud. Compliance with industry best practices, including 2-factor authentication (2FA) and Visa 3D Secure, adds an extra layer of protection.
For those affected by fraud, Nedbank Namibia follows a structured and proactive approach – swiftly investigating incidents, securing compromised accounts, working to recover funds, and closely coordinating with law enforcement to hold fraudsters accountable.
Beyond addressing individual fraud cases, Nedbank Namibia actively contributes to the broader fight against financial crime.
By collaborating with industry regulators and participating in fraud prevention forums, the bank helps strengthen financial security and build trust across the banking sector.
Under the guidance of the Bank of Namibia (BoN), financial institutions, including Nedbank Namibia, have ramped up cybersecurity efforts, recognising the urgent need for proactive defences against digital threats.
A key milestone in this effort is the Virtual Assets Act of 2023. The act provides a regulatory framework for digital currencies and related technologies, ensuring stronger oversight of financial transactions.
BoN has also launched the Financial Industry Cybersecurity Council, uniting financial institutions to develop a coordinated approach to tackling cyber threats. This initiative focuses on preventing, detecting, and responding to cyberattacks while fostering industry-wide collaboration and exchanging best practices.
However, while banks implement rigorous security measures, individuals must also take proactive steps to protect themselves.
Phishing scams remain one of the most common threats, where fraudsters send deceptive emails and messages containing links to fake websites designed to steal personal data. Always verify sources before clicking on links or opening attachments.
Using strong, unique passwords for different accounts significantly enhances security, while enabling 2FA provides an additional layer of protection. Be cautious of unsolicited requests for personal or financial information, even if they appear to come from a trusted institution.
By staying vigilant and informed, individuals not only protect themselves, but also play a crucial role in strengthening the broader financial system. It is very important to remember that the bank will never ask you to provide your detailed information over the phone. Always be cautious and verify the identity of the caller before sharing any personal information. If in doubt, hang up and contact the bank directly using official contact details.
At Nedbank Namibia, fostering a secure and trustworthy banking environment is a strategic imperative. We will continue investing in cutting-edge fraud prevention technologies, customer education, and collaboration with law enforcement to combat fraud effectively.
When banks, regulators, businesses, and individuals work together, we can strengthen Namibia’s financial ecosystem and ensure the country remains a secure and thriving destination for trade and investment. *Victor is the Chief Operating Officer at Nedbank Namibia, a position he has held since June 2020. With over 20 years of executive experience spanning the banking, telecommunications, transport, and energy sectors, he brings a wealth of cross-industry insight to his leadership. Victor plays a pivotal role in aligning the bank’s strategic direction with national priorities—driving innovation, advancing technology integration, and enhancing payment systems across the organization. He holds an MBA from the University of Stellenbosch and a BTech in Information Technology from the Namibia University of Science and Technology, complemented by additional qualifications in project management, leadership, and general management.
