President Netumbo Nandi-Ndaitwah has called on Namibia’s financial sector to intensify efforts to improve financial literacy and retirement preparedness, warning that many Namibians risk financial hardship despite spending decades saving for retirement.
Speaking at Namibia Asset Management’s (NAM) 30th anniversary celebrations in Windhoek, the President said financial institutions have a responsibility that extends beyond generating investment returns to ensuring that citizens are equipped to preserve wealth and achieve long-term financial security.
“Too often, individuals spend decades building retirement savings only to find themselves financially vulnerable a few years after leaving the workforce. Institutions such as Namibia Asset Management have an important role to play in promoting financial literacy, responsible wealth preservation and retirement preparedness so that more Namibians can retire with dignity, security and peace of mind,” she said.
Nandi-Ndaitwah urged financial institutions to expand financial education programmes beyond urban areas and reach schools, communities and rural regions where many people make critical financial decisions without adequate information.
She described financial literacy as an essential life skill and said improving public understanding of savings, investments and retirement planning would be critical to strengthening household financial resilience.
The President’s remarks come as Namibia faces growing pressure to improve long-term savings outcomes and expand participation in formal financial markets.
She said the country’s financial sector must continue evolving to provide broader access to investment opportunities while encouraging greater participation in capital markets.
“The next phase of Namibia’s financial sector development must focus on deepening the market while broadening participation. We must continue to encourage innovation in investment products, support alternative asset classes, improve efficiency and strengthen collaboration between government, regulators and industry participants,” she said.
Nandi-Ndaitwah noted that Namibia’s asset management industry has become a key pillar of the economy by mobilising domestic savings and supporting investment in national development.
She also reaffirmed government’s commitment to supporting the growth of the financial sector through closer cooperation with regulators and industry stakeholders.
According to the President, stronger partnerships between government and the private sector will be crucial to advancing economic diversification, job creation and inclusive growth under the Eighth Administration and the Sixth National Development Plan.
Namibia Asset Management, which is listed on the Namibia Securities Exchange, celebrated its 30th anniversary this week.
