most of the economic variables. the process to establish a sadc monetary union will therefore be long because of the macroeconomic convergence that must be established first. the lack of convergence in key macroeconomic variables may suggest that the region is not yet ready for a common currency. however, i must add that it may not be crucial to meet all the criteria prior to the formation of a union. it is possible for member countries to agree to meet some of the criteria only after the formation of the monetary union. experience has also taught us that in the case of the european union, it was not only the economic argument that was the defining factor in the formation of the monetary union, but also the political drive for unification. it is therefore important to have political champions to promote the cause for a sadc monetary union. in the european example, germany and france were the political champions for their monetary integration. let me conclude by saying that, in general a monetary union is desirable as it is likely to promote macro - economic stability and economic growth among member states. however, a monetary union should not be seen as an end in itself but as part of a process for wider economic integration in the region. to ensure a successful implementation of a sadc monetary union within the agreed timeframe, it is important that member countries intensify and redouble their efforts towards the realization of this noble objective. in particular, member countries would need to pursue appropriate policy measures in order to satisfy the convergence criteria. given the importance of the issue and the sensitivities around it, it is crucial that the citizens of the member countries are properly informed of the desirability of a monetary union. a sadc monetary union will also have its unique challenges. member countries should therefore prepare themselves if they were to optimally benefit from the new arrangement. for example, member countries would need to strategically position themselves such that they increase their share of intra trade and investment within sadc and beyond. in the case of namibia, we need to continue with the diversification of the economy towards manufacturing and services. we also need to do more in terms of concrete action plans to develop our human capital. this is a vital area where a lot has been said so far, but there is little evidence that suggests that we are succeeding in building human capital that is ready to compete effectively in the global economy. thank you for your attention.

significant progress. first, financial exclusion has fallen since 2007 from 51 % and it now stands at 31 %. this progress is a result of the effectiveness of government policy and concerted efforts by the financial services industry to bring services to the doorsteps of the previously unsaved and underserved people. 5. director of ceremonies, it is now public knowledge that the introduction of a low - cost basic retail bank account by all commercial banks is a reality since bis central bankers ’ speeches november 2012. this account is treated as a necessity rather than a money making product for commercial banks, to allow more people to bank and its growth has been phenomenal. 6. you may be aware that the bank, together with the banking industry has agreed to implement standards for cash deposit fees in namibia for all savings and investment accounts owned by individuals at banking institutions as well as to small and medium businesses, effective from 31 july and 31 october 2013 respectively. what this means is that currently individuals are able to deposit a cash amount up to n $ 2000, per month, into their saving and investment accounts free of charge. similarly, small businesses with a turnover of not more than one million n $ per month will soon be able to deposit up to n $ 10 000 in the said accounts without paying cash deposits fees after 31 october 2013. 7. earlier this year we launched the code of banking practice and the guidelines for lodging customer complaints to bank of namibia. the code defines good banking behaviours and the guidelines help users of financial services to complain about the violation of the code. in addition to these actions undertaken so far, there are a number of initiatives in the pipeline with a view to improve access to finance. 8. how does the future look like? going forward, we will continue to work hard to achieve the target of 26 % set in the nfss in terms of improving access to financial services and products by eligible namibians. we shall forge ahead to implement the remaining projects to make namibia one of the countries in the world where financial inclusion is not just a dream, but a dream come true. this includes reforming our regulatory framework to introduce a differentiated regulatory framework for micro finance banking institutions. the proposed amendments in this regard have been formulated and public inputs were called for recently. further, we will continue to enhance financial infrastructure such as credit bureaus to support access to finance for the majority of our people. 9. director of ceremonies, ladies and gentlemen, in conclusion, i would like to thank fides