As Namibia gears up to host the four-day Alliance for Financial Inclusion (AFI) Global Policy Forum beginning September 2 in Swakopmund, it’s important to recognise the role that financial inclusion plays in promoting economic growth and development.
Financial inclusion refers to the accessibility and availability of financial services for all, particularly individuals from underserved or marginalised communities. This includes a range of services such as banking, loans, savings, and financial literacy programmes.
Financial inclusion is vital for driving economic growth and enhancing the quality of life for Namibians. Improved access to financial services can also be transformative, allowing local businesses to thrive and contribute significantly to the economy.
While financial inclusion in Namibia increased from 65% to 78% of the adult population during the previous Namibia Financial Sector Strategy (2011–2021), there remains an urgent need to enhance the quality and utilisation of these services.
Minister of Finance Ericah Shafudah noted that despite the progress made over the last decade, many Namibians, especially in rural areas and among informal sector workers, still lack access to formal financial services. She said despite the relative stability of Namibia’s financial system, ongoing structural challenges hinder its capacity to support the country’s development goals.
Limited access to finance affects particularly rural populations, micro, small, and medium enterprises (MSMEs), as well as women and youth. Substantial gaps remain in the availability of affordable and accessible products that cater to these diverse needs. Low levels of financial literacy exacerbate these challenges, hindering consumers’ ability to make informed financial decisions.
The underutilisation of digital finance solutions represents a missed opportunity to address emerging global challenges. In response, FNB Namibia has launched several initiatives aimed at improving financial literacy and accessibility. The bank considers financial inclusion a fundamental guiding principle in its efforts to empower communities and foster economic growth.
“For us, financial inclusion is not a catchphrase or a passing trend, but a guiding principle that shapes the decisions we make,” FNB Namibia communications manager Kirsty Watermeyer said.
The bank is dedicated to making a tangible difference through various initiatives. These include the eWallet, which enables anyone in Namibia to send and receive funds quickly and securely without requiring a traditional bank account; CashPlus, where trained community agents provide essential banking services in remote areas; and the zero-rated FNB App, which offers free mobile data access, allowing customers to manage their finances without incurring additional costs.
“Our 2025 annual pricing structure reflects this ethos: we have removed all swiping fees and reduced CashPlus service fees, making it even more affordable for everyone to access banking services across Namibia,” Watermeyer further said.
FNB Namibia is also an official partner of the Basecamp Business Incubator Hub, a social enterprise contributing to building a thriving Namibian startup ecosystem where innovative ideas can flourish and grow into sustainable businesses.
Basecamp co-founder & director Jesaya Hano-Oshike said their mission is to empower entrepreneurs and small businesses to build sustainable enterprises that contribute to Namibia’s economic development.
“Financial inclusion is at the heart of this mission. Many of the entrepreneurs we support are young, women-led, or operating in underserved communities where access to finance is often the biggest barrier to growth. Through our incubation programmes, we not only provide training and mentorship but also help entrepreneurs become investment-ready by improving their financial literacy, governance structures, and ability to access capital. This approach ensures that more entrepreneurs can participate in the formal financial system and grow their businesses in a sustainable way,” Hano-Oshike said.
Their partnership with FNB and other stakeholders has allowed them to develop structured programmes that support entrepreneurs in becoming funding-ready.
“This partnership is a strong example of how the private sector can work hand-in-hand with incubators to advance government efforts on financial inclusion. It demonstrates that with the right structures and support entrepreneurs can transition from being excluded from formal finance to becoming active contributors to the economy.”
The recently launched Namibia Financial Sector Strategy (NFSTS) 2025–2035 envisions a financial sector that serves as a cornerstone of national prosperity, social equity, and environmental sustainability. The strategy recognises that an inclusive and innovative financial sector is not just supportive of economic development, but is a fundamental driver of transformation that can unlock opportunities for all Namibians.
The NFSTS 2025–2035 sets ambitious targets for measuring progress toward its objectives. These include achieving a financial inclusion rate of 95% by 2035, significantly expanding access through innovative approaches, establishing a financial literacy target of 85%, aiming for a 70% success rate in MSME financing, and focusing on the development of capital markets and the expansion of digital access in rural areas.
