Access to finance increases in Namibia

Mar 12, 2012

Financial inclusion has increased in Namibia, the latest FinScope Consumer Survey 2012 has revealed.

Since 2007, there has been a 17 per cent rise in the number of people with access to banking services, the majority of whom live in rural areas and are in their 30s, the Namibian reports.

Some 51 per cent of the population were unbanked in 2007, however this has now decreased to 31 per cent.

Boosting financial inclusion is part of the Namibian government's ten-year Financial Sector Strategy and Finance Minister Saara Kuugongelwa-Amadhila discussed the matter in her recent budget speech.

She said the initiative "heralds the beginning of the new era for the gradual and holistic development of the financial sector".

In its annual 2011 report, the Bank of Namibia explained it is planning to create new regulatory framework that will see two-tier banks serve as microfinance institutions for the local market, as there is still more that can be done to promote financial inclusion, the Namibian Sun reported.ADNFCR-2976-ID-801315204-ADNFCR