Namibia’s financial inclusion journey started as a mission to get more people banked, but has become something much more complex, and challenging. As we prepare to welcome the world to Swakopmund for the 2025 AFI Global Policy Forum, it’s striking not just how far we’ve come, but how much further we still need to go.

From access to usage – the evolution of our thinking

When we began discussing financial inclusion as a national priority, our focus was straightforward: we wanted to increase access to formal financial services. Whether a bank account, insurance product, or any type of financial service, success was measured by the number of people brought into the formal system.

And we made progress. We introduced the Basic Bank Account, stripped away cash deposit fees for individuals and SMEs, and built consumer protection frameworks. These weren’t small achievements, and I’m proud of what we accomplished.

But here’s what I’ve learned: access alone isn’t enough. Today, our sector remains plagued by high fees and charges that make meaningful participation difficult for many Namibians. We’ve moved people into the system, but too often, they’re not getting the full value they should from financial services.

Because of this, we’ve now shifted from asking “How many people have access” to “How many people are actually benefiting from meaningful usage?”

Establishing the foundations

Let me walk you through how we approach this systematically. We started from an enabling environment perspective—getting our regulations and legislation right. You can’t build sustainable financial inclusion without the proper foundations.

Then, we tackled access from two angles: individuals and MSMEs. For individuals, we brought in Basic Bank Accounts and the abolition of cash deposit fees. For MSMEs, we developed a comprehensive SME Financing Strategy with three pillars: credit guarantee scheme, mentoring and coaching facility, and venture capital fund.

Next, we focused on consumer protection mechanisms. We established complaints units at both the Bank of Namibia and the Namibia Financial Institutions Supervisory Authority, developed our Consumer Credit Bill, which is currently in draft, and launched financial education initiatives. We created a Microlending Act to address exploitative practices, and a National Deposit Guarantee Scheme to build trust.

Today, digitalization is enhancing usage and deepening financial inclusion. We’re leveraging technology not just to provide access, but to make that access meaningful and valuable for people’s daily lives.

An honest assessment of where we stand

Yes, the Basic Bank Account has helped, by ensuring that Namibians earning N$30,300 or less can access affordable banking services. Abolishing cash deposit fees removed real barriers. However… these victories feel incomplete when high fees and charges continue to plague our sector.

Today, a domestic worker might have a bank account, but if monthly fees consume a significant portion of their savings, are they benefiting? We’ve opened doors, but too many people still can’t afford to walk through them.

Our innovative approach through the Electronic Money Determination has positioned Namibia as a leader in digital financial services, enabling people in remote areas to access services through mobile wallets. But even here, we’re learning that access to technology doesn’t automatically translate to meaningful usage, if underlying cost structures and interoperable infrastructure remain prohibitive.

Swakopmund can be a springboard for progress

The theme of the upcoming AFI Global Policy Forum is “Empowering Society, Enabling Growth”. That resonates perfectly with our experience. True empowerment requires more than just giving people access to financial services, but in ensuring they can use it meaningfully to improve their lives.

Namibia hosting the 2025 AFI Global Policy Forum in September is significant. It’s an opportunity to share our entire journey, from building our enabling environment, to the current usage and deepening phase.

But what excites me most is being able to learn from others. How are other countries addressing persistent high fees? What innovative approaches are they using to move from access to meaningful usage? How are they leveraging digitalization to deepen, rather than just expand, financial inclusion?

We’re particularly interested in discussing instant payments, open banking cybersecurity, digital identities, inclusive green finance, blended finance, targeted youth and MSME development programs, and digital financial literacy. In these areas, we’re pioneering innovative approaches, while recognizing we can learn from others.

Our journey over the last decade, from enabling the environment, to access, to protection, to meaningful usage, represents more than policy evolution. It represents our commitment to ensuring that financial inclusion empowers every Namibian to participate fully in our economy, and build a better future.

We’ve built solid foundations. The upcoming AFI Global Policy Forum represents an exciting opportunity to accelerate progress.