Namibia and India Forge Digital Partnership

By Veronica Amaral

Finance Deputy Minister Maureen Hinda-Mbuende said the instant payment project marks a significant milestone in the financial sectors journey towards modernisation and economic inclusivity. The Bank of Namibia launched the initiative in Windhoek on Friday.

Speaking at the launch, Hinda-Mbuende said that the Bank of Namibia and the Namibia Financial Institutions Supervisory Authority (NAMFISA) have focused on narrowing the gap and enhancing access to financial services for all citizens.

According to Hinda-Mbuende, financial inclusion has improved over time. The 2017 Namibia Financial Inclusion Survey (NFIS) showed that 78.0 percent of Namibian adults are financially included. 72.6 per cent of this economically integrated population are served formally (commercial banks serve 67.7 per cent of the population, while non-bank formal institutions serve 52.8 per cent). Twenty-nine per cent of the remaining amount is via unofficial financial channels. As a result, the percentage of the financially excluded population has dropped from 31% in 2011 and 51% in 2007 to 22.0% in 2023. In addition, the significant improvement in financial inclusion can be ascribed to recent innovations in the financial sector.

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