FROM ACCESS TO IMPACT OUR EVOLVING JOURNEY IN FINANCIAL INCLUSION
When I reflect on our financial inclusion journey in Namibia, I'm struck by how much our understanding has evolved. What started as a mission to get more people banked has transformed into something much more complex and challenging. Today, as we prepare to welcome the world to Swakopmund for the 2025 AFI Global Policy Forum this September, I find myself thinking not just about how far we've come but about how much further we still need to go.
24 July 2025 | Sesilia Nekwaya
When I reflect on our financial inclusion journey in Namibia, I'm struck by how much our understanding has evolved. What started as a mission to get more people banked has transformed into something much more complex and challenging. Today, as we prepare to welcome the world to Swakopmund for the 2025 AFI Global Policy Forum this September, I find myself thinking not just about how far we've come but about how much further we still need to go.
The Evolution of Our Thinking
When we first started seriously discussing financial inclusion as a national priority, our focus was straightforward: We wanted to increase access to formal financial services. Whether it was a bank account, an insurance product, or any type of financial service, we measured success by the number of people we could bring into the formal system.
And we did make 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 is still plagued with 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. We've shifted from asking, "How many people have access to?" to, "How many people are actually benefiting from meaningful usage?"
Our Strategic Progression
Let me walk you through how we've approached 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 foundation.
Then, we tackled access from two angles: individuals and MSMEs. For individuals, our Basic Bank Account through PSD-5 and the abolition of cash deposit fees came in. For MSMEs, we developed our comprehensive SME Financing Strategy with its 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 NAMFISA, developed our Consumer Credit Bill, which is currently in draft, and launched financial education initiatives. We also created the Microlending Act in 2018 to address exploitative practices and established our National Deposit Guarantee Scheme to build trust.
But here's where we are now: we're moving into an era of enhancing usage and deepening financial inclusion through digitalisation. We're leveraging technology not just to provide access, but to make that access meaningful and valuable for people's daily lives.
Honest Assessment of Where We Stand
Let me be completely honest about our current reality. Yes, the Basic Bank Account was significant progress, ensuring Namibians earning N$30,300 or less can access affordable banking services. Abolishing cash deposit fees removed real barriers. But these victories feel incomplete when high fees and charges continue to plague our sector.
A domestic worker might now have a bank account, but if monthly fees consume a significant portion of their savings, are we really serving them well? We've opened doors, but too many people still can't afford to walk through them meaningfully.
Our digital innovation 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.
Why the Global Policy Forum Matters
This is exactly why hosting the AFI Global Policy Forum is so significant. It's not just about welcoming over 700 delegates from more than 90 countries to Swakopmund; it's about showcasing this entire journey from building our enabling environment to where we are now in the usage and deepening phase.
The theme "Empowering Society, Enabling Growth" resonates perfectly with our experience. We've learned that empowering society requires more than just giving people access to financial services, ensuring they can use them meaningfully to improve their lives.
But what excites me most is the opportunity to learn from others facing similar challenges. 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 digitalisation to deepen rather than just expand financial inclusion?
We're particularly interested in discussions on 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 recognising we can learn from the global best practices of the global.
Looking Forward
As we stand on the threshold of this historic moment, I see the Global Policy Forum as both a celebration of our systematic approach and an opportunity to accelerate our progress. We've built the foundation, created access, established protection, and now we're focused on meaningful usage.
This progression, 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 truly empowers every Namibian to participate fully in our economy and build a better future.
The forum will help us learn how to make that vision a reality for everyone.