The Bank of Namibia, in collaboration with the Ministry of Finance and the Namibia Financial Institutions Supervisory Authority (Namfisa), recently launched the Namibia Financial Sector Transformation Strategy (NFSTS) 2025–2035. The national strategy sets the course for a modern, inclusive, and future-ready financial system that serves the development needs of all Namibians.
The strategy represents a deliberate response to deep-rooted and emerging challenges facing the financial sector, including inequality, limited access to finance, youth unemployment, consumer protection, climate vulnerability, and a rapidly digitising global economy. It seeks to position the financial system not as a passive bystander, but as an active driver of national transformation.
The NFSTS aligns with Vision 2030 and the Sixth National Development Plan (NDP6) and aims to ensure that finance is no longer a gatekeeper to prosperity, but rather a gateway.
Speaking at the launch, the Governor of the Bank of Namibia, Johannes !Gawaxab, said Namibia’s financial system is stable, sound, and modern, serving the formal and urban economy effectively. However, more must be done to deepen financial inclusion, particularly in the informal economy and in rural Namibia.
“We gather not to celebrate the status quo, but to redefine the role of finance in Namibia not as an abstract system, but as a foundation for economic empowerment, a catalyst for innovation, and a driver of inclusive growth. He reflected on Namibia’s current financial landscape, acknowledging its resilience but highlighting areas that must improve,” he said.
Namfisa’s chief executive officer Kenneth Matomola, echoed the urgency of action, declaring, “The next decade offers an extraordinary opportunity. We must navigate digital disruption, demographic shifts, climate challenges, geopolitics, economic politics, and widening inequality, all while advancing Namibia’s developmental goals.”
“Consumer protection is our anchor. We have stepped up market conduct supervision to ensure fair treatment of customers that encompasses high standards of business practices, clear disclosures, and fast, effective dispute resolution to enhance public trust and confidence in the financial sector,” he said.
The strategy emphasises digital transformation, yet digital transformation presents both opportunities and challenges for the nation. The digital era has unlocked powerful tools, lowered barriers and transformed customer experiences. However, the digital era elevates cybersecurity threats, privacy concerns, and operational vulnerabilities
Speaking on behalf of the Ministry of Finance, Michael Humavindu, Executive Director of the ministry, said this is not a policy exercise; it is a national imperative.
“When Cabinet approved this strategy in June 2025, it was more than an administrative act, it was a declaration of resolve. It said to every Namibian, ‘your potential will no longer be limited by structural barriers. It said to the world: Namibia will not simply adapt to change; we will shape it’.”
“These five pillars are not just areas of focus, but a national commitment to economic justice, participation, and resilience. He that each pillar speaks to an overdue promise, to deepen domestic financial capacity, elevate marginalised voices, and shift power closer to the people,” he said.