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Financial Inclusion Key to Transforming Rural Economy, Says BoN Governor

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The governor of the Bank of Namibia (BoN), Johannes !Gawaxab, emphasized the critical role of financial inclusion in transforming Namibia’s rural economy. He delivered a public lecture at the Namibia University of Science and Technology (Nust) in Eenhana, Ohangwena region.

Benefits of Financial Inclusion

According to the BoN governor, financial inclusion has numerous benefits, including:

Improving food security
Enhancing health outcomes
Increasing educational attainment
Empowering individuals and small businesses to invest in productive activities
Generating income and creating jobs
Mitigating financial risks through insurance products

Challenges Remain

Despite significant progress in achieving financial inclusion in Namibia, with an estimated 78% of the population now included, a substantial portion (59.3%) of the rural population remains excluded. Many Namibians still rely primarily on cash for income and payments, which poses significant security risks and can be costly.

Instant Payment Project

To address these challenges, the BoN has introduced its Instant Payment Project, an innovative initiative aimed at enhancing financial inclusion by enabling efficient, instant, and inclusive transactions accessible on any device. The project is set to launch in 2025 and is expected to significantly reduce the time and cost associated with traditional banking services, making financial transactions more accessible to rural and informal sectors.

Commitment to Rural Development

The BoN’s commitment to unlocking opportunities for rural and informal sector development through financial inclusion is unwavering, emphasized !Gawaxab. “Financial inclusion is not just about providing access to financial services; it is about empowering individuals and communities to achieve sustainable growth and development. We must ensure that no one is left behind in our journey towards a more inclusive and prosperous Namibia.”

Public Lecture Reception

The public lecture was well-received by attendees, including students, faculty, and local business owners, who appreciated the governor’s insights and the bank’s proactive measures to foster financial inclusion and economic development in rural areas.

In related news, Namibia is currently facing a food security crisis, with approximately 579,000 people, or 22% of the population, experiencing severe acute food insecurity. The country has declared a state of emergency, and the government is seeking drought relief assistance.