WINDHOEK: The Namibia Financial Sector Strategy (NFSS) 2011-2021 will be launched this Thursday.

The NFSS 2011-2021, a long-term development strategy for the Namibian financial sector, will guide the achievement of the objectives of the financial sector as set out in the various National Development Plans (NDPs) and Vision 2030.

The strategy was approved by Cabinet in June 2011 in order to develop a more resilient, competitive and dynamic financial system with best practices, which would allow the sector to realise its full potential in respect of its contribution to the growth of the economy and the achievement of socio-economic objectives of poverty reduction and wealth-creation.

According to the NFSS document, a review of Namibia’s financial system showed that although the system is sound and functioning well, there are structural weaknesses that need to be addressed to enable the financial sector to contribute meaningfully to the overall performance of the country’s economy.

Thus, the 10-year strategy was developed to address the weaknesses in the system, which will enable the country’s financial sector to transform and contribute meaningfully to the developmental objectives of the country.

Key weaknesses identified include a shallow financial market, limited competition, limited financial safety nets, an under-developed capital market, inadequate and less effective regulation, limited access to financial services, low financial literacy and lack of consumer protection, lack of consumer activism, limited skills and low participation by Namibians, and thus dominance of foreign ownership.

Minister of Finance Saara Kuugongelwa-Amadhila is expected to officiate at the event.