Africa-Press – Namibia. THE Bank of Namibia has launched its strategic plan for the next three years (2022 to 2024) and is seeking to position itself as a driver of digital transformation, financial inclusion and economic growth in the country.
While these are not the only areas the bank would like to develop, they could aid the bank in delivering a stronger all-round performance, as part of fulfilling its core mandate of price and financial stability, said governor Johannes !Gawaxab yesterday.
The central bank is now poised to renew itself as an entity entrusted with an expanded mandate, and would focus its attention on the reformation and modernisation of the Namibian financial sector, while striving for a recovery of the economy and sustainable economic development, he said. This sees the bank adopting a new vision.
“To support sustainable economic development through effective monetary policy and an inclusive and stable financial system for the benefit of all Namibians. Normally, strategic plans are set for five years, but the current economic environment requires agility. Our operating environment has changed significantly, and our responsibility has expanded in its scope.
“In this regard, the macroprudential oversight responsibility now resorting in the bank, underlines our central role in the functioning of the financial system.
“Equally, the Covid-19 pandemic has led to decisions in the policy environment that have long lasting effects, while the stabilising force of the monetary authority during the pandemic was demonstrable and impactful,” he said.
The plan is expected to usher in a digital transformation era for the institution, which intends to automate, modernise and facilitate efficiency utilising technology, which further acts as an enabler to the strategy. Some initiatives include assessing the viability of central bank digital currencies and retail bonds, and the establishment of an innovation hub.
According to the bank’s spokesperson, Kazembire Zemburuka, the hub will promote innovation and creativity in the fintech sector, and provide a conducive environment for the incubation of new concepts without stifling start-ups and innovators, but doing so in a regulatory responsible manner.
“We are positioning the Bank of Namibia as an agile, competent and flexible institution that discharges its mandate effectively, treats its employees with respect and acts transparently towards the public.
“We invite our stakeholders to join us on this new journey as we shape the future of the central bank and indeed, the economy in which it plays a key role,” said !Gawaxab.
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