Bank of Namibia enhances financial inclusion

The Bank of Namibia hosted the Instant Payment Programme (IPP)  to enhance financial inclusion and accessibility across the country.  The Instant Payment Solution is premeditated to be accessed by any device, including non-smartphones, ensuring everyone from vendors and taxi drivers to pensioners and small business owners can use it effortlessly.

The IPP promises several core benefits, such as financial inclusion targeting the informal economy and rural sectors, thus ensuring access to financial services.

In addition to tackling the issues brought on by exorbitant fees, Namibia’s financial system must be updated to facilitate cutting-edge, effective payment options, and economic activity should be boosted through improved money velocity. The bank further added that the project aims to fulfil accessibility and affordability for underserved populations, achieving full interoperability of payment instruments by 2025, modernising the financial sector, and elevating cross-border payment efficiencies. 

Moreover, the IPP fully aligns with National Strategies such as the National Development Plan and the National Payment System Vision and Strategy 2025. Co-developed by PAN and the Bank of Namibia, the plan aims to improve financial awareness and access while pushing inexpensive financial products and growing digital financial services.

Marsorry Ickua, Officer in Charge Bank of Namibia, emphasised the importance of a collaborative effort in achieving the programmer’s goals. 

“Our collective journey is to spur financial inclusion across Namibia, ensuring that everyone can transact digitally and electronically regardless of where they live,” added Ickua. 

The industry kick-off marks the beginning of a tentative 16-month journey to implement the IPP.  This structured plan covers programme governance, stakeholder engagement, and building and deployment phases.  According to the Bank, the vital aim is to launch the Instant Payment Solution swiftly, transforming Namibia’s financial landscape and promoting economic growth and prosperity.mThe bank stated they are committed to advancing progress and fostering innovation in the financial sector. Its forward-thinking approach emphasises enhancing service delivery, promoting financial inclusion, and strengthening our economic infrastructure. 

Through ongoing collaboration and active stakeholder engagement, the bank aims to build a resilient and inclusive financial ecosystem that benefits all Namibians.