WINDHOEK: The Namibia Financial Sector Strategy (NFSS) can offer significant benefits for the country, but only with the support and timely input from all stakeholders.
This was the view of the Assistant Governor of the Bank of Namibia (BoN), Michael Mukete, during the sixth annual Retirement Funds Institute of Namibia (RFIN) conference held yesterday.
Namibia’s long-awaited financial sector strategy was launched in August this year, promising to deliver a more resilient, competitive and dynamic financial system with best practices by 2021, and to help make Vision 2030 a reality.
Mukete explained that the strategy, if implemented effectively, will foster economic growth and alleviate poverty in order to reduce income inequality.
The strategy aims to achieve this through reforms in the following areas: the deepening and development of financial markets; the localisation of Namibian financial institutions; financial inclusion for the excluded majority; skills development for the sector; and the provision of financial safety nets.
According to Mukete, the other aspect of the strategy is to have effective institutions in place that will provide sufficient support to SMEs and help them to access finance.