Ipumbu Shiimi: Enhancing financial inclusion in Namibia
Welcome remarks by Mr Ipumbu Shiimi, Governor of the Bank of Namibia, at the launch of
the Namibia FinScope 2011, Windhoek, 8 March 2012.
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Director of Ceremony
Heads of Syndicate Member Institutions
Ms Maya Makanjee, CEO of FinMark Trust
Distinguished invited Guests
Members of the Media
Ladies and Gentlemen,
Good morning!
I would like to welcome you all to this very important workshop, held at this very important
time in the development journey of our country. These are important times because we are
redefining and transforming our economy for the better, especially for those who had not
been able to participate meaningfully in the economy, so far.
A special welcome goes to our important partners, the FinMark Trust Team. We appreciate
your contribution with a view to enhancing financial inclusion in our country. Many of us here
should by now be familiar with the name FinMark Trust as you have been in Namibia many
times. Four (4) years ago, FinMark Trust came to share the results of FinScope 2007 with us,
and they have also presented on several other issues in between.
Ladies and Gentlemen, I have come to learn and agree with the proponents of the saying: "if
you cannot measure it, you cannot manage it". This cannot be more relevant to us, given our
current efforts of wanting to address the socio-economic challenges facing our country. As a
country, Namibia is being haunted by challenges of unemployment, poverty, financial
exclusion amongst others. To be able to address these challenges better, we need to be able
to measure the depth of those challenges. Fortunately for us, FinScope is one of the
instruments that we are able to make use of for that purpose, in addition to other surveys
undertaken nationally. The usefulness of FinScope has been demonstrated during the
preparation of the draft Financial Sector Strategy 2011- 2021, especially the chapter on
financial inclusion. Information from the FinScope 2007 served as a basis from which new
targets had to be set. One would probably argue that out-dated information was used, but at
least planning was based on something. A scenario of no basis for planning would have
been unacceptable.
As you might know, Ladies and Gentlemen, the Financial Sector Strategy advocates for the
need to enhance access to financial products and services for the low income and less
privileged segments of our population. We have therefore keenly awaited the results of the
FinScope 2011 survey, as we expect them to help us to measure progress towards to
financial inclusion in Namibia. This is because we will now know where we are and how far
we are from our final destination. This should then enable us to plan and act better in
implementing our financial sector development and inclusion agenda. In fact, this will put us
on the right path to reach our intended objectives.
What is particularly pleasing to know is the fact that FinScope 2011 has attempted to collect
information on financial literacy. It is our hope that this would provide a view and give us a
baseline with which we can work, going forward. Financial literacy is an important aspect in
the process of ensuring financial inclusion. This is because consumers will only be able to
effectively make use of available products and services if they are aware and are well
informed; not only of the availability of products and services but also of how they can make
use of such and on what terms.
Director of Ceremonies, the purpose of this gathering is for FinMark Trust to share with us
the outcome of the Namibia FinScope 2011 Survey. Let me therefore end here and allow
them enough time to do just that.
I thank you!