Bank of Namibia Governor, Johannes ǃGawaxab, has urged banks to follow requirements and develop effective responses to cyberattacks or hacks.

While outlining the central bank's preparedness for such incidents, ǃGawaxab emphasised that these attacks are inevitable.

Local banks have been called upon to play a proactive role in the development and funding of small and medium enterprises (SMEs).

President Nangolo Mbumba says another way is for the banks to involve more equity types of instruments and substantially lessen collateral requirements.