By: David Shoombe
The Principal Economist at the Bank of Namibia, Sesilia Nekwaya Okafor, indicated that financial inclusion brings Namibians into the formal financial system, which can enable broader participation in the economy.
Commenting on the recently published 2025 Financial Inclusion Report, which states that 86% of adults in Namibia are financially included, Nekwaya-Okafor said inclusion efforts are anchored by the Financial Sector Transformation Strategy.
She added that financial inclusion has moved beyond the conventional focus on SMEs to include a diagnostic study on informality.
She explained that financial inclusion is an enabler that brings people into the financial system.
“Once you get into the room, that is where the economic benefits begin to emerge,” she said.
Nekwaya-Okafor noted that several barriers continue to limit Namibian people’s access to financial services.
She emphasised the importance of data in helping policymakers and financial institutions deliberately design products that enable low-income earners to access financial services.
Nekwaya-Okafor noted that the existence of data allows players such as the United Nations, green financiers, and international institutions to look at the innovation hubs and test products that can potentially come into the economy.
Also serving as the Gender Focal Point for the Generation Equality Action Coalition on Financial Inclusion, Nekwaya-Okafor said Namibia has made progress in narrowing the gender gap in financial inclusion.
She noted that women are currently more financially included than men, a trend that requires further analysis of the data and a deliberate approach to ensure that financial inclusion initiatives effectively accommodate the needs of both women and men.
The 2025 Financial Inclusion Report notes that 79.4% of women in Namibia are banked compared to 71.5% of their male counterparts.
Salomon Iipinge, a consumer expert, has noted that financial inclusion in Namibia should be accompanied by institutional transformation to bring real benefits to the people who have access to financial services.
Despite the increase in financial inclusion, there has been little economic transformation, he noted.
“Right now, there is no pity in the commercial industry. Our informal sector is the only sector driving the country’s economy, with limited access to working and expanding capital,” said Iipinge.
He also highlighted that there is a need for economic structural transformation to enable the informal operators to be part of the financial system, and for inclusion not to be a burden but an opportunity to grow.
The report on Namibia’s financial inclusion brings arguments about what other sectors can be uplifted to improve the lives of Namibians.
The data shows that, despite 86% of Namibian adults being financially included, income economic inequality in Namibia still persists.
The report notes that 54% of Namibians still earn N$2,000 or less per month while only 8% of Namibians earn above N$11,000.
Namibia continues to be the second-most unequal country in the world based on the latest World Bank data, with a Gini Index of 59.1.
