Namibian Prime Minister Saara Kuugongelwa-Amadhila on Thursday stressed the critical need for immediate action to address the alarming deficit in financial literacy among the populace.
Speaking at the Namibia Women in Finance and Insurance Summit in Windhoek, Kuugongelwa-Amadhila said that this deficiency hampers Namibians’ ability to make informed financial decisions.
She called for sustained efforts to promote financial literacy, and stressed the unique geographical distribution of Namibia, a nation with a small yet widely dispersed population across its vast landscape. She said that this necessitates special outreach and penetration efforts to effectively serve all corners of the country.
“Therefore, the financial sector needs to continue innovating to reach all the unserved populations. Information technology is one of the enablers that we must leverage to promote access to financial services in a manner that offers convenience and cost-effective accessibility to financial services,” she said.
The prime minister underscored the pivotal role that financial mediation plays in driving national development, saying that the effective mobilization of savings and their optimal allocation to investments are fundamental to fostering economic growth and development.