The Namibian government has approved the Namibia Financial Sector Transformation Strategy for the period 2025 to 2035, aimed at strengthening financial system stability, improving access to finance, enhancing consumer protection, and increasing the sector’s contribution to national development.
According to the latest Cabinet decisions, the Minister of Finance, who chairs the Financial Sector Council, has been instructed to finalise the draft action plan for the strategy.
“Cabinet approved the Namibia Financial Sector Transformation Strategy (2025–2035) as the official national strategy for financial sector development and inclusion. Cabinet directed the Minister of Finance, as the Chairperson of the Financial Sector Council, to finalise the draft action plan.”
Cabinet further directed all relevant offices, ministries and agencies to align their programmes with the new strategy and actively support its implementation.
The Financial Sector Council, chaired by the Minister of Finance, will serve as the multi-stakeholder oversight body responsible for monitoring the execution of the strategy. Institutions such as the Bank of Namibia, NAMFISA, the Ministry of Industrialisation and Trade, and the Ministry of Finance and Public Enterprises have been tasked with developing and implementing the plan.
The strategy builds on the earlier Financial Sector Strategy, which concluded in 2021, and sets the direction for the sector’s development over the next decade.
It is intended to ensure that the financial system remains effective, competitive, inclusive and resilient, while also being aligned with the country’s broader development objectives.
The strategy is structured around five key pillars: Financial Sector Development for Growth and Sustainability; Digital Transformation and Innovation; Financial Access, Literacy and Protection; Financial Sector Localisation; and Skills and Capacity Development.
Only the pillar on Digital Transformation and Innovation is newly introduced, while the others are carried over from the previous strategy.
“Cabinet endorsed the role of the Financial Sector Council, chaired by the Minister of Finance, as the multi-stakeholder oversight body for strategy execution,” the statement noted. “This strategy aims to enhance financial system stability, access to finance, consumer protection, and deepen the sector’s contribution to national development. The Financial Sector Strategy (2011) reached the end of its implementation period in 2021.”
