FNB Namibia will deploy its innovative CashPlus technology at the global financial inclusion summit in Swakopmund next week, as the country’s biggest lender and financial services provider seeks to demonstrate the tangible impact of extending banking services to underserved populations to a global audience.
Hosted by the Bank of Namibia in partnership with the Alliance for Financial Inclusion (AFI), this summit will bring together over 700 policymakers, financial regulators, and experts from around the world for the first time in sub-Saharan Africa to discuss pertinent issues around financial inclusion.
FNB’s CashPlus is a revolutionary community-based banking solution that enables approved local businesses to provide essential services without traditional bank branches. This service allows clients to deposit and withdraw cash, access funds from e-wallets, and purchase prepaid airtime and electricity through an extensive agency banking network.
With 378 CashPlus agents – trusted community members trained to deliver essential banking services – CashPlus brings deposits, withdrawals, and support directly to remote and underserved areas.
Delegates at the summit will witness firsthand how the CashPlus platform transcends theoretical discussions of financial access. Kirsty Watermeyer, FNB Namibia’s communications manager, said the summit presents an opportunity for the bank to not only showcase its technology but also llustrate the power of partnership, community, and dedicated service in extending banking access to the underserved.
“At the Forum, we want to ensure that delegates witness financial inclusion at work, not just in theory. That is why we will be putting our CashPlus agents front and centre. In doing so, we are not simply showcasing technology – we are exemplifying how partnership, community, and service can extend the reach of banking to those who need it most,” Watermeyer said.
Since its launch in 2019, the CashPlus service has proven to be an engine of social transformation and community resilience. Entrepreneurs who have signed up as agents, have leveraged the opportunities presented by the CashPlus platform to streamline operations, manage cash flow, and access previously unavailable financial services. Their success stories highlight the transformative potential of CashPlus in enhancing local business capabilities and driving economic growth.
Simson Phillipus, who transitioned from a waiter in Windhoek to a successful CashPlus agent, is a classic example of the transformative nature of the platform. Operating from his shop in Katutura, a high-density suburb of Namibia’s capital Windhoek, Simson offers a range of banking services, including deposits, withdrawals, and sells prepaid airtime and electricity. Becoming a CashPlus agent has revitalised his business and increased foot traffic, as locals increasingly rely on his services, which they say offers safety and convenience.
Simson’s success exemplifies the power of the CashPlus service, which processes millions of transactions across Namibia each year. His journey demonstrates how empowering local entrepreneurs through accessible, community-based banking advances both economic and social progress – one transaction at a time.
By leveraging local partnerships and community trust, CashPlus serves as a model for similar initiatives in other regions worldwide, promoting financial inclusion on a global scale.
