Updated: Dec 20, 2019
The Namibian Ministry of Finance published the Namibia Financial Sector Strategy 2011-2021 but while this deals with the need for reforms to mitigate financial exclusion, consumer protection, skills development and other areas within the financial sector, there is a paucity of information on regulating fintech. The financial and banking sectors are increasingly reliant on technology and the Payments Association of Namibia (together with other industry stakeholders) has introduced NamPay a payment system related to EFTs in the nation.
Namibian commentators have pointed out that the nation has a large number of individuals who are unbanked and this means the country is fertile ground for fintech. (Le Hane, 2019) (Simeon-Kurz, 2019)