Prime Minister Saara Kuugongelwa-Amadhila highlighted the importance of a robust financial system to support and drive Namibia’s economic growth effectively.
She made these remarks during her address at the Namibia Women in Finance and Insurance Summit, held in the capital city this week.
Kuugongelwa-Amadhila stressed that the financial sector plays a critical role in facilitating the transformation of the country’s economy.
It not only provides financial services to individuals and businesses but also creates employment opportunities.
“With a well-positioned financial system, employment opportunities are generated by various financial institutions, including banks, insurance companies, investment houses, and other financial service providers,” she stated.
The Prime Minister encouraged ongoing innovation within the financial sector to ensure that it reaches underserved populations effectively.
She also pointed to the importance of the role that technology plays in enabling greater access to financial services for the public.
In addition to discussing the importance of innovation and accessibility, Kuugongelwa-Amadhila emphasized the need for increased efforts to promote financial literacy.
She stressed that it is crucial to empower the public to make informed financial decisions and ensure that financial products are responsive to diverse needs and affordable.
The Prime Minister called for consultations between the financial sector and customers to provide better-informed choices and urged financial institutions to prioritize fairness, maintain quality products and services at reasonable prices, and uphold contractual obligations.
As the financial sector faces tough competition, especially with clients expanding beyond national borders, Kuugongelwa-Amadhila urged the industry to safeguard against financial crimes like money laundering.
She stressed the importance of maintaining competitiveness and robust systems.
The Prime Minister encouraged women to seize opportunities, share their expertise, and pursue successful careers in the finance and insurance industry, highlighting the significance of gender diversity and empowerment in this sector.
