Namibia champions financial inclusion at AFI Forum

Global forum
Namibia is host to the AFI Global Policy Forum in Swakopmund, highlighting financial inclusion as a key driver of empowerment, economic growth and social transformation.
Leandrea mouers
  • 21 Hours Ago
Leandrea Mouers



Emphasising the importance of financial inclusion took centre stage at the official opening of the Alliance for Financial Inclusion (AFI) Global Policy Forum on Thursday in Swakopmund.



Hosted in Namibia for the first time, the forum brought together more than 800 participants, including central bank governors, regulatory institutions, ministers, development partners and policymakers.



Johannes !Gawaxab, governor of the Bank of Namibia (BoN), highlighted that financial inclusion ensures affordable, accessible, and secure financial services that empower individuals and businesses, fostering equity and sustainable development.



With the theme “Empowering Society, Enabling Growth”, !Gawaxab emphasised that empowerment goes beyond opening a bank account or accessing credit.



“The challenge before us is immense. Nearly 700 million people, about nine percent of the world’s population, still live in extreme poverty, surviving on less than US$2.15 a day. Unemployment, particularly among youth, remains high, and Namibia ranks among the most unequal societies in the world. Almost one in five of our people lives below the national poverty line. These realities demand urgent, collective action,” he said.



He added that financial inclusion serves as a catalyst for social transformation.



“Evidence shows that countries with higher levels of financial inclusion enjoy faster GDP growth and greater resilience in times of crisis.”



Over the past two years, Namibia has strengthened consumer protection, digital financial literacy, and digital infrastructure, introducing AI-enabled complaint systems, linking national ID data for secure onboarding, and prioritising digital transformation under its 2025–2035 strategy, the governor noted.



AFI CEO Dr Alfred Hanning said the AFI network’s country-owned, peer-driven model has enabled one billion people worldwide to access financial services, demonstrating that financial inclusion is now a permanent macro-objective for stability and development.



In her address, Minister of Finance Ericah Shafudah said financial inclusion can reduce inequality.



“True financial inclusion extends far beyond access to a bank account; it is about granting economic agency, empowering citizens to save securely, invest wisely, build resilience against shocks, and contribute to national development. According to the FinScope Consumer Survey of 2023, 78 percent of Namibian adults now have access to financial services, up from 51 percent a decade ago.”



She stressed that access alone is insufficient.



“Digital financial literacy is crucial. Our Financial Literacy Initiative (FLI), led by the ministry and the Bank of Namibia, has reached over 65 per cent of adults and now includes cybersecurity, fraud prevention, and safe borrowing practices. While cybercrime and fraud-related incidents are increasing, those on the periphery are often the most affected.”



The minister highlighted that products and support mechanisms must be tailored for women, youth, and persons with disabilities. She added that central banks, the financial sector, politicians, and the private sector each have a role to play in ensuring governance, supportive policies, accessible products, and protection of citizens’ savings to advance deeper financial inclusion.