Financial Technology, or FinTech, refers to new technology that is slowly creeping through and could, in the future, replace traditional financial methods. 

FinTEech on Friday morning held an information session at the Bank of Namibia.

Looking back into the history of money, there have been many notable innovations that have changed the financial sector.

The Deputy Governor of the central bank, Ebson Uanguta, says this transformation can be seen from the invention of the banknote to the processing of payments through debit and credit means.

Uanguta says in the current financial and technological landscape, the boundaries of central banks are being pushed, necessitating the regulator to adapt to new realities and unprecedented technological changes.

"The emergence of FinTechs in the world has revolutionised the way we understand financial services, and it has opened up a new world of possibilities for people previously left out of the financial world. Financial technology, better known as FinTech, is used to describe new technology that seeks to improve and automate the delivery and use of financial services.

Technological innovations, he says, are changing lives by helping to lift people out of poverty and reduce inequalities. "This technological revolution has proven to be beneficial even for the remote areas of developing countries such as Namibia, as the financial inclusion agenda is being advanced."

The bank's deputy chief also announced that when the Bank of Namibia crafted its strategy for the period 2022 to 2024, it took into consideration the changing landscape of the financial sector.

He says FINTECH was considered to ensure that the Namibian financial system remains relevant and that it is modernised at the same pace as other leading central banks.