The Bank of Namibia has reiterated its vision to guide the country into a new financial era, one that embraces cutting-edge technology while ensuring stability and trust in the system.
This forward-looking approach was outlined by Governor Johannes !Gawaxab during a public lecture in Windhoek, where he addressed the theme of modernising Namibia's financial landscape for a more prosperous future.
The lecture highlighted the Bank of Namibia's proactive approach to transforming the financial landscape by adopting modern technologies, enhancing regulation, driving innovation, and maintaining stability.
As the financial system continues to evolve, !Gawaxab stressed that Namibia must be ready to seize opportunities, mitigate risks, and ensure that these efforts translate into meaningful and sustained improvements in the lives of the citizens.
"The future of Namibia's financial state stands at a critical juncture. As I have shown today, we have entered an era taken over by rapid technological advancement, shifting democracies, and climate change. A vision for a financial system where multiple ecosystems and platforms are connected to shape the future of finance potential, leading to faster, more efficient, and more accessible payments."
On modernising the sector, financial institutions, he said, Namibia will soon be transitioning to cloud computing to enhance innovation, productivity, and cost-efficiency, and effectively manage associated risks.
In its quest to address the increasing threat of cyberattacks, the Bank has established the Financial Sector Cyber Security Council to boost resilience.
In support of the expanding digital economy, the Bank has revised regulations about the development of electronic wallet services and broadened its scope to include products such as savings, credit, and insurance.
The governor also highlighted that fast payments, also known as instant payments, which enable real-time transfers of funds between bank accounts 24/7, will be introduced in Namibia with a planned go-live date in September 2025.
"The system will allow real-time transfers immediately, enhancing efficiency and convenience, and clients of any bank or fintech will be able to send money instantly through wallet-to-wallet, wallet-to-bank, bank-to-wallet, or traditional bank account transfers. Additionally, cross-border payment frameworks for instant payments are in advanced stages, with some regions worldwide."