Financial access and financial inclusion strengthened

WINDHOEK, Sept. 21 – Deputy Minister of Finance, Natangue Ithete yesterday said that the recently launched Information Hub will strengthen the link between financial access and financial inclusion. The Financial Literacy Initiative (FLI) launched the Information Hub yesterday in the capital.

Ithete said the Information Hub will strengthen the link between financial access and financial inclusion by bridging the information gap and promoting rational decision-making on the part of entrepreneurs.

He said by accessing this virtual ‘one-stop-shop’ and scrutinising the series of available financial products offered by various service providers, “The entrepreneurs will be able to ‘comparison shop-around’, acquaint themselves with the eligibility requirements and make appropriate decisions based on the best available information. For these reasons, this Information Hub is significant and impactful.”

The Information Hub was done in conjunction with the Deutsche Gesselschaft Für Internationale Zusammenarbeit (GIZ). GIZ also supported the FLI with its recently revamped site.
Ithete commended the German government for developmental cooperation with Namibia in various economic sectors.
He added that in terms of the financial services sector, the cooperation between the two governments has matured and targeted the priority interventions under the Financial Sector Strategy.
“In the field of Financial education and consumer protection, the cooperation has enabled the Namibian government to realise the following benefits: providing the framework to start the FLI and obtain a buy-in from industry players and other government organisations,” Ithete noted.
He added that since mid-2015, the local government was able to fully incorporate a division of Financial Education and Consumer Protection in the Ministry of Finance structure, which assures future sustainability. –Sharma Mundingi