Namibia has launched a comprehensive 10-year strategy aimed at transforming its financial sector to tackle persistent challenges such as inequality, limited access to finance, youth unemployment and consumer vulnerability.
The Namibia Financial Sector Transformation Strategy 2025–2035, officially launched on Monday by the Bank of Namibia in partnership with the Ministry of Finance and NAMFISA, sets out a national roadmap to build a more modern, inclusive and digitally driven financial system.
“This is not a policy exercise; it is a national imperative,” said Michael Humavindu, Executive Director in the Ministry of Finance. “When Cabinet approved this strategy in June 2025, it was more than an administrative act, it was a declaration of resolve.”
The strategy is built around five 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.
“Each pillar speaks to an overdue promise, to deepen domestic financial capacity, elevate marginalised voices, and shift power closer to the people,” Humavindu said.
Bank of Namibia Governor Johannes !Gawaxab said the strategy includes reforms aimed at unlocking capital for housing and infrastructure, expanding digital access and building resilience across the financial system.
“Through the Bank of Namibia’s Strategic Plan 2025–2027, we are positioning Namibia at the forefront of African financial innovation,” !Gawaxab said.
Among the key initiatives is the launch of an Instant Payment System in 2026, which will fall under the digital transformation pillar.
“Our Instant Payment System, set to launch in late 2026, is more than just faster transactions; it is about democratising access to financial services and empowering every Namibian to participate fully in the digital economy,” !Gawaxab added.
NAMFISA CEO Kenneth Matomola said the regulator will continue to focus on consumer protection and innovation, balancing oversight with support for financial inclusion.
“Consumer protection is our anchor. We have stepped up market conduct supervision to ensure fair treatment of customers that encompasses high standards of business practices, clear disclosures, and fast, effective dispute resolution,” Matomola said.
The new strategy follows a review of the previous Namibia Financial Sector Charter (2011–2021), which revealed underperformance in key transformation targets. According to !Gawaxab, ownership and control stood at 20% against a 25% target, and management representation reached just 30% of a 50% goal.
“Management and control present a deeper concern, with only 30% progress toward a 50% target. This shortfall not only limits diversity in leadership but also undermines the sector’s ability to reflect the strategic insights and lived realities of Namibia’s diverse population,” he said.
Skills development reached 35% of a 60% target, and preferential procurement stood at 27% against a 41% benchmark. However, enterprise and supplier development significantly outperformed expectations, reaching 6% against a target of just 0.25%.
“Enterprise and Supplier Development has been a standout success, surpassing its target by more than twenty-fold,” said !Gawaxab.
“This exceptional performance underscores a critical truth: where commitment and accountability align, transformation is not only possible — it is powerful.”
