Bank of Namibia (BoN) governor Johannes !Gawaxab says financial technology can serve as a catalyst for employment creation, innovation and national development if supported by smart regulation, digital infrastructure and empowered youth.
!Gawaxab said this while addressing the FinTech Futures 2025 workshop under the theme ‘Unlocking Youth Potential and Job Creation Through Innovations of Tomorrow’.
He said the future of money and payments is digital and Namibia must decide whether to lead or follow as financial systems around the world evolve.
Innovation in finance, he added, can expand access to affordable and secure financial services, enhancing inclusion and economic participation for all Namibians.
“The challenge before us at the BoN is clear, to support a digital economy that enables innovation and promotes competition while ensuring monetary and financial stability,” !Gawaxab said.
According to the governor, technology and finance are converging at an unprecedented pace, with fintech companies increasingly competing and collaborating with traditional banks.
The next wave of transformation in finance will be driven by stablecoins, tokenised assets, central bank digital currencies and instant payment systems, and all these innovations have the potential to reshape how value is created, transferred and stored, he said.
!Gawaxab noted that: “Stability and innovation, though often at odds in the short term, depend on each other in the long run. Stability creates trust, and innovation cannot sustainably exist without that trust.”
The central bank, he said, is, therefore, advancing a regulatory environment that allows innovation to flourish while safeguarding the stability of the financial system, highlighting the importance of smart regulation that simplifies processes and encourages the growth of local fintech enterprises.
He went on to say the bank is also investing in digital public infrastructure, including a national instant payment platform designed to facilitate low-cost, real-time transactions.
The platform, currently in its testing phase, is expected to be rolled out during the first half of next year.
!Gawaxab at the event announced the launch of the FinTech Youth Programme, aimed at nurturing youth-driven innovation and strengthening Namibia’s fintech ecosystem.
Embracing digital transformation will enable Namibia to build an inclusive, efficient and globally competitive financial system, he concluded. – Nampa
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