Prime minister Saara Kuugongelwa-Amadhila has called for efforts to continue promoting financial literacy to empower the public to make informed decisions.
She stated that it’s important to ensure that the type and range of financial products available are responsive to the diverse needs of the public, and are affordable.
Kuugongelwa-Amadhila was speaking at the Namibia Women in Finance and Insurance summit in Windhoek last week.
The summit was held under the theme “Sustainable Finance and Responsible Insurance: Women Pioneering Environmental, Social and Governance (ESG) Practices”.
“I believe that the capable women at this summit will unpack these issues,” she observed.
The prime minister said financial mediation is important for national development, while the effective mobilisation of savings and their optimal allocation to investments is important for economic growth and development.
Low savings or inefficient deployment of savings to investments curtail growth and development.
“Insurance ensures risk management by offering the needed protection against business risks, thus promoting increased investment and trade. Furthermore, the pooling of funds by insurance institutions places them at intermediation and the mobilisation of capital needed for investments into the economy,” she emphasised.
Likewise, for the economy to function effectively and to grow, an efficient and robust financial system is required.
Kuugongelwa-Amadhila said the financial system provides not only financial services to individuals and businesses, but also employment opportunities at the various financial institutions ranging from banks, insurance companies, investment houses and other financial services providers.
“Namibia has a small population, but one which is widely distributed across our vast country, requiring special outreach and penetration efforts to reach all the corners. Therefore, the financial sector needs to continue with innovation to reach out to all the unserved populations. Information technology is one of the enablers which we must leverage to promote access to financial services in a manner that promotes convenience and cost of accessing financial services,” she noted.
Meanwhile, the prime minister said she is pleased to see the large outturn of female executives and workers from the financial sector.
This thus gives her reason for optimism about improved women’s representation in this sector, and improved financial inclusion for women.
“As we strive towards gender equity as a society, I am optimistic that these gains will be transmitted into all other sectors in a journey of promoting women’s empowerment,” she said.
The attendance is also reflective of the remarkable journey women have undertaken to take up leadership positions in traditionally male-dominated fields, such as finance and insurance.
“The government is committed to addressing gender imbalances, breaking down barriers, and creating an inclusive and equitable environment for Namibian women and girls to test their potential alongside their male counterparts. Globally, Namibia is renowned for progress in gender parity in the public sector, a trend that we must all proudly maintain and extend to all areas of human endeavours,” she added.
The PM then urged all women to embrace the opportunities that this networking and mentorship programmes will give them in terms of developing a strong career in the finance and insurance industry.
- fhamalwa@nepc.com.na