Financial Inclusion: What Does it Mean for Namibia?

As Namibia gathers under the auspices of the inaugural Alliance for Financial Inclusion (AFI) Global Policy Forum, it is fitting to reflect on what financial inclusion truly means for our nation.

Earlier this year, the Bank of Namibia (BoN), together with the Ministry of Finance and the Namibia Financial Institutions Supervisory Authority (Namfisa), launched the Namibia Financial Sector Transformation Strategy (2025–2035), a bold 10-year blueprint designed to modernise, localise, and democratise our financial system.

Central to this strategy is the ambition to expand financial inclusion to 95% of the national population, and 75% of rural communities by 2035.

But the shift is not merely about expanding access, it is about deepening meaningful usage and ensuring that financial services translate into real, tangible benefits for all Namibians.

The pursuit of inclusion must go beyond opening accounts; it must ensure that those accounts become instruments of empowerment – especially for underserved communities in rural and informal sectors, turning informal activity into formal opportunity.

The BoN’s strategy underscores this shift.

It signals a vision of finance, not as a siloed resource, but as a foundation for economic empowerment and a driver of inclusive growth.

Such framing is crucial if we are to translate access into measurable progress.

As a local institution rooted in Namibian soil, Bank Windhoek has championed financial inclusion since its founding in 1982, with a clear mandate to serve the broader population as a truly Namibian bank.

COMMUNITY BRANCHES

In its continued commitment to advancing financial inclusion, Bank Windhoek pioneered the introduction of community branches to bring essential banking services closer to underserved populations in Namibia’s rural areas.

The first community branch was established at Eenhana in 2003, followed by Oshifo in 2015 and Okahao in 2018.

These branches provide full banking services to surrounding towns and villages, significantly improving access to financial solutions while stimulating economic growth and empowering communities in remote regions.

CELLPHONE BANKING

In 2006, Bank Windhoek introduced Namibia’s first-ever cellphone banking service, an innovation that unlocked the possibilities of banking for many who had neither branch access nor formal documentation.

BASIC BANK ACCOUNT

The 2012 launch of the EasySave Basic Bank account marked another milestone. With no monthly service fees and no requirement for proof of income, it became a vital gateway for the unbanked population, dissolving financial barriers that had long excluded many Namibians.

LOCAL LANGUAGE ATMs

In 2017, responding to challenges in financial literacy and language barriers, Bank Windhoek became the first bank in the country to roll out ATM interfaces in local languages. This not only bridged communication gaps, but also reinforced the accessibility of services in everyday life.

In the same year, the EasyWallet functionality was introduced, providing a means to send money from cellphones. This has been one of the greatest innovations in bridging the financial inclusion gap.

MOBILE APPS

In 2021, the introduction of Bank Windhoek’s mobile app aligned the bank with evolving consumer expectations, bringing services directly to Namibians, wherever they may be.

DIGITAL TOOLS,
REVIEWED FEES

As cyber risks intensify globally, the bank took proactive measures to safeguard customers through biometric enrolment, enhancing security during transactions and account access.

Bank Windhoek introduced the EasyPOS, a handheld point-of-sale (POS) device designed to enable small and medium enterprises (SMEs) and mobile businesses to accept card payments from anywhere, anytime.

This initiative aims to streamline SME operations, enhance customer convenience by facilitating mobile transactions, and support the Namibian economy by providing businesses, especially those without fixed locations, with a powerful tool for growth.

Bank Windhoek is part of the first cohort to partner with the BoN on the Namibian Instant Payment Project, aiming to transform the country’s electronic money landscape.

Moreover, in its ongoing fee structure reviews, Bank Windhoek has introduced a spectrum of fee-free services, further reducing the cost of banking and increasing affordability and inclusion.

INCLUSION

Through these initiatives, Bank Windhoek has translated abstract ideals into real-world mechanisms. By removing financial, geographic, linguistic, and economic barriers, Bank Windhoek is delivering on the promise and enabling the BoN’s broader vision.

This is not inclusion for inclusion’s sake; it is inclusion for impact. It is about ensuring every Namibian can save, transact, receive remittances, access credit, and participate fully in the economic life of our nation.

As we convene for the AFI conference, the call to action is clear: Financial inclusion must be inclusive, impactful, and deeply contextual.

The national strategy sets inspiring targets: 95% inclusion nationwide and 75% in rural areas by 2035.

It is, however, the work of local institutions, community-level engagement, and sustained innovation that will bring those numbers to life.

Bank Windhoek offers a model: Homegrown and responsive, crafting solutions that resonate with Namibians’ day-to-day realities.

As a responsible financial provider, its commitment to inclusivity is both strategic and ethical, shifting the narrative from mere access to lasting resilience.

Financial inclusion remains a critical priority for Namibia.

Guided by the BoN’s transformative strategy and bolstered by Bank Windhoek’s pioneering efforts, we are entering a decade during which access evolves into meaningful impact.

– James Chapman is Bank Windhoek’s managing director.

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