Namibia’s central bank establishes innovation hub committee to help develop economy

WINDHOEK, Dec. 16 — Namibia’s Central Bank has established an innovation hub committee comprising various experts within the institution to digitally transform the institution and leverage appropriate technologies to drive financial inclusion and economic development.
In a statement, Bank of Namibia governor Johannes Gawaxab said the hub committee is commissioned to engage collaboratively with various innovators in the financial sector to champion the digital transformation of the bank, modernize the financial system as well as automate manual processes facilitated within the bank and ensure financial inclusivity in its execution.
“We know the bank is facing significant challenges and in parallel, the world is engulfed with different technologies, new paradigms, and new work models. We have embarked on a digital transformation drive and plan to modernize the financial system,” Gawaxab said.
Gawaxab said the committee would help the bank solve problems and drive innovation while also forming part of the bank’s recently launched strategic plan that aims to digitally transform its workplace where technological innovations are employed to improve all internal work processes.
“This transformation will create a more agile and collaborative working environment where IT platforms will become more efficient and the capability of operating as a data-driven and evidence-based decision-making organization will be strengthened,” he said.  (Xinhua)