Namibia’s financial inclusion has seen a significant increase, rising from 51% to 78% over the past decade, exceeding the initial target of 74%, Minister of Finance and Public Enterprises, Ipumbu Shiimi has revealed.
He said the progress has been driven by concerted efforts from both financial institutions and the regulatory framework.
Speaking at a recent event, Shiimi emphasised the role of technology in achieving these milestones.
“Within 10 years, financial inclusion increased significantly from 51% to 78%, surpassing our target of 74% by 4 percentage points,” Shiimi said.
He credited initiatives such as the e-money regulation, which allows citizens to hold digital wallets on their phones, for driving much of this progress.
“We also approved the e-money regulation to leverage technology, allowing people to have wallets on their phones, which wasn’t possible without regulation. I’m glad to see products like MTC Maris being launched, enabled by that regulation,” he added.
Shiimi highlighted that the Namibia Financial Sector Strategy, launched in August 2012, laid the groundwork for these advancements.
He noted that the introduction of the Basic Bank Account (BBA) was a major step toward simplifying the process of opening bank accounts, although financial inclusion at the time still required access to traditional banking services.
“Telecommunications companies were always in the background, working with financial institutions, but they weren’t at the forefront. Now, with mobile-based platforms like MTC Maris, telecommunications companies are leading the charge in bringing financial services to the most remote areas,” Shiimi said.
He pointed out that while 21% of the population remains financially excluded, this segment is the hardest to reach and requires innovative solutions.
“Everyone carries a phone, and if we can use that phone to make payments and transfer money, we can include more people financially,” he said.
Jerome Namaseb, Chairman of WGA Proprietary Limited, which was rebranded as MTC Maris, echoed the importance of financial inclusion for the nation’s development.
“Namibia is a country of incredible potential, but also one where the current structure of the financial services industry has left many in the shadows. Financial inclusion is crucial for developing economies like Namibia,” Namaseb said during his address.
He noted that about 22% of Namibians are still financially excluded, with many relying on cash for income and transactions.
Namaseb emphasised the need for accessible financial tools and platforms to bridge the gap for underserved populations.
“Our mission is to provide the unbanked with the tools and services they need to access formal financial systems, thereby uplifting communities by fostering a culture of financial inclusion and literacy,” he said.
This comes as the launch of MTC Maris marks a crucial step forward in expanding financial access for Namibians, particularly those in remote areas where traditional banking services are limited.
The service enables users to send, receive, and manage money through mobile phones, providing a more accessible option for those previously excluded from the formal financial system.
As Namibia continues its push toward greater financial inclusion, both Shiimi and Namaseb underscored the importance of telecommunications companies in reaching the remaining unbanked population.
Shiimi encouraged other telecommunications companies to follow MTC’s example in driving financial inclusion, noting that, “a nation promoting financial inclusion is promoting stability, progress, and a better future for Namibia.”
