Namibia’s economy, like much of the world, is in the middle of a transformation. 

While nominal gross domestic product rose to N$245.1 billion in 2024, the real growth rate slowed to 3.7%, down from 4.4% in the previous year.  The slowdown has put a spotlight on Namibia’s heavy reliance on industries like diamond mining and fishing – once the backbone of the economy, but now clearly losing steam. The message is clear: to thrive, Namibia needs to diversify and evolve. Still, there are signs of momentum.  Growth projections for 2025 sit at 3.9%, supported by improvements in agriculture and infrastructure, particularly in electricity and water. 

But the transformation happening in gross domestic figures (GDP) figures or government policy is only part of the story. 

On the ground, Namibians are adjusting the way they live, spend and manage their money.

In 2024, consumer spending in Namibia increased to N$144.938 billion, reflecting a 12.45% rise from the previous year. 

But it is not a spending spree. 

People are prioritising essentials like food, housing and healthcare. 

It is a shift driven by caution and necessity, and it is quietly changing the way the market moves. 

At the same time, confidence in the future remains surprisingly strong. A recent study by TransUnion revealed that 70% of Namibians are optimistic about their future income. 

But nearly half of those surveyed say they are struggling to keep up with bills and loan repayments. 

It is a telling contrast: people are hopeful about what is ahead but still feeling the squeeze in their day-to-day lives.  As households reprioritise, the banking sector is undergoing its own transformation.

More Namibians are going digital, using mobile and online platforms to bank, budget and send money.

Nearly 100 million e-money transactions were made in 2023 alone, showing just how much digital banking has become part of everyday life, especially for people in rural and informal communities who have often been left out of the traditional banking system.

But while younger consumers might be the ones driving the shift toward digital solutions, Namibians of all ages are seeking more than just convenience. 

As the economy shifts, people want financial partners who understand their day-to-day realities and offer not only smart technology but also real support and human connection.

It is against the backdrop of this evolving economic landscape that JG van Graan has stepped into a new role as Nedbank Namibia’s chief commercial officer. 

In a statement, Nedbank noted that Van Graan’s appointment marks a significant step forward in the bank’s strategic evolution.

“His newly created role is designed to bring all client-facing teams under a single point of leadership in Nedbank Namibia. Retail banking, corporate and investment banking (including small and medium enterprises services), business banking, private wealth, Nedloans and treasury, formerly operating in separate silos, are now aligned under one vision. 

“The goal is simple: to streamline operations, break down internal barriers, and foster better coordination across departments. This integrated approach is expected to improve communication, speed up decision-making and enhance problem-solving across the board,” Nedbank stated. 

For Nedbank clients, Van Graan’s appointment is expected to mean a more consistent, seamless experience, no matter which part of the bank they interact with. 

For Nedbank Namibia, it means focusing energy and resources on the areas that drive sustainable growth and long-term value.