BoN prioritises smart central bank

The Bank of Namibia (BoN) will focus on three key priorities in its strategic plan for 2025-27: building a smart central bank through the adoption of advanced digital tools, fostering an inclusive and resilient financial system supported by modern regulatory frameworks, and laying the foundation for a diversified economy driven by emerging industries. Unveiling the blueprint this week, the BoN said this new strategy aims to support Namibia’s financial sector with the best global practices and intends to leverage emerging technologies to foster inclusivity, sustainability and economic prosperity.“The 2025-2027 Strategic Plan is a promise to the people of Namibia that we are prepared to lead with innovation to ensure financial stability today while creating opportunities for prosperity tomorrow,” said BoN governor Johannes !Gawaxab.It reflects the central bank’s belief that technology and inclusivity are the cornerstones of a resilient economy that benefits every generation, !Gawaxab added.Digital transformationThe newly launched strategic plan reflects a carefully crafted game plan aimed at addressing the challenges and opportunities of a rapidly evolving global financial system, according to the BoN.At the heart of this strategy lies a commitment to further the digital transformation agenda. The BoN recognises the power of technology to revolutionise operations, enhance efficiency and expand access to financial services for all Namibians, the central bank said. Over the next three years, the BoN will embed cutting-edge technologies such as Artificial Intelligence (AI) and machine learning into its processes and the broader financial sector. These advancements will drive smarter decision-making, streamline operations and position Namibia at the forefront of global financial innovation, it stated.‘Remarkable progress’The BoN has demonstrated remarkable progress in executing transformative initiatives as set out in its 2022-24 strategic plan, while setting the foundation for the 2025-27 strategy, the bank said.These accomplishments include significant progress in financial inclusion, such as the development of an Instant Payment Platform set to launch in 2025, and the operationalisation of the BoN’s legal framework to advance financial sector modernisation. The BoN’s outreach initiatives, such as the monetary policy announcement simulcast and dialogues have brought stakeholders closer to its work. These efforts culminated in the BoN receiving two prestigious international accolades in 2024: the Transparency Award for exemplary monetary policy communication and the Pioneer Award for its excellence in digital transformation.Ambitious journeyAs the BoN embarks on this ambitious journey, it remains steadfast in its commitment to align its practices with global standards, addressing emerging trends such as climate change, digital transformation and financial inclusion, the central bank said. The introduction of the Instant Payment Platform in 2025, a major milestone under this strategy, will bring Namibia closer to achieving universal financial access by reducing transaction barriers and expanding economic opportunities for the underserved.“Through collective effort and a forward-thinking approach, the BoN is confident that this strategy will transform the Namibian financial system and set a benchmark for innovation and resilience in Africa and beyond,” the bank said.

BoN prioritises smart central bank

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Namibian Sun 2025-03-12

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BoN prioritises smart central bank

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Namibian Sun 2025-03-12

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