An African banking centre of excellence
Promoting fairness across the African banking industry
The Bank of Namibia has placed significant investment in implementing digital solutions to extend customer reach
T
he African banking market has become a hotbed of innovation. In a bid to promote financial inclusivity, enable simplification and boost accessibility, Namibia is increasingly embracing digital tools. In many cases, digital platforms and apps are continually favoured over traditional retail banking services. Established in 1990 from the South Africa Reserve Bank following the country’s independence, the Bank of Namibia (BoN) remains unique in its position as the sole institution able to print currency and works with local governments in the public sector.
With five BoN commercial banks in Namibia – Bank Windhoek, First National Bank, Standard Bank, Nedbank and Small and Medium Enterprises Bank, BoN adheres to global standards, and is investing in financial solutions which provide increased accessibility and fairness across the financial sector at large.
Providing enhanced accessibility Following on from the establishment of the e-Government project in Namibia, BoN has worked to implement new, customerfocused digital tools to remain abreast
w w w. b o n . c o m . n a
5
Namibia is increasingly embracing digital tools, platforms and apps over traditional retail banking services
UNLOCKING YOUR POTENTIAL THROUGH OUR PASSION FOR TECHNOLOGY Complete Enterprise Solutions is a regional ICT solutions provider that uses technology and services to deliver business value to organizations through deep expertise in Infrastructure, Communications and Security technologies in hybrid cloud environments. Our partnerships with best of breed brands in the world strengthens our ability to help our customers achieve: sustainable IT cost reduction; reduced total cost of ownership, IT risk reduction, and accelerated value delivery.
www.ces-africa.com info@na.ces-africa.com +264 61 303999
• INFRASTRUCTURE • SECURITY • COMMUNICATION
CES provides ICT solutions focussed on Infrastructure, Communication and Security technologies. We partner with our customers to enable them through their journey on IT, Workforce and Security Transformation.
of issues within fintech and regtech and has adapted its services in alignment with service innovations worldwide to support its citizens. Incorporating five key areas – policies and legalities, access to information, local content, capacity and willingness, the project has enabled BoN to also implement digital tools to enhance its security backbone whilst it adopts new ways of doing business. Namibia has a sparse population of 3mn citizens but harnesses a significant landmass for the banking sector to contend with. Whilst many businesses remain situated in its capital city Windhoek, businesses located in nearby towns have presented a number of challenges for the bank to reach those located in rural areas. With a vision to be a centre of excellence, its investment in new digital tools has therefore granted the bank the ability to obtain economic data and provide flexibility, accessibility, and the delivery of value-added financial services across its banking platforms.
Additionally, whilst the bank remains in the regulatory space, it will consistently learn from other central banks and work alongside the International Monetary Fund (IMF) and The African Development Bank (AfDB), harnessing essential cloud technologies for increased flexibility, scalability and the reduction in risk across its operations. However, with new digital tools and currencies entering the financial market, the bank has worked to educate its citizens on the risks surrounding virtual currencies. New financial currencies, such as bitcoin, are presently not regulated or recognised as legal tender in Namibia due to its market volatility. To this end, the bank has also released a paper regarding the distinction between
w w w. b o n . c o m . n a
7
cryptocurrencies and the use of e-money, which has been accepted as a form of currency in Namibia.
Community development Training and development is an area of particular focus for BoN, and a major share of its corporate social responsibilities currently sits within the education space. Since 1998, the bank has provided annual bursaries to undergraduates in areas such as IT, research, accounting and economics – all areas which the bank believes are crucial to Namibia’s development. The bank also provides a comprehensive postgraduate bursary, where graduates can approach the bank for funding. Additionally, the bank houses a PhD programme, while federal
doctorate-level studies are also funded by the bank. Most importantly for the bank, its Graduate Accelerated Programme (GAP) works to support students who have finalised their studies and are looking for a role within the banking sector. Building capacity for the bank and the country, BoN
works to support these students by granting exposure and experience across several departments on a rotational basis. Upon completing an 18-month programme at the bank, applicants are able to apply for roles within the central bank or gain a job within the financial market in Namibia.
Further support However, the bank’s efforts within the educational space are not solely limited to the graduate sector. Partnering with a number of high learning institutions has seen BoN award prizes to the best final year students at Institute of Bankers in Namibia, the University of Namibia and the Polytechnic of Namibia within economics, finance and banking subjects. As part of its public education programme, the bank also hosts a National High School competition bi-annually. Endorsed by the Ministry of Education, all secondary schools in Namibia are invited to participate, with Namibia harnesses a significant prizes awarded to winning teams landmass for the or schools in the Bank of Namibia banking sector National High School Competition. to contend with Namibia will continue to embrace new digital tools and services across its financial industry, one which will drive down costs further for its citizens. With a predicted growth rate set to rise from 1.4% to 2.1 % in 2018 and 2019 respectively, it is clear that the country is set to go from strength to strength.
w w w. b o n . c o m . n a
9
Central Bank of Namibia 71 Robert Mugabe Ave Windhoek PO Box 2882 Namibia 00264 61 283 5111