Bank of Namibia pushes financial innovation at Cirrus Investor Conference

Bank of Namibia Governor Johannes !Gawaxab

WINDHOEK – The Bank of Namibia has reaffirmed its commitment to financial innovation and stability at the 2025 Cirrus Investor Conference, held this week in Windhoek. Governor Johannes !Gawaxab delivered the keynote address, highlighting the bank’s strategy to build a future-ready, inclusive financial system.

During his speech, !Gawaxab noted that Namibia’s economy grew by 3.7% in 2024. This was a slight dip from 4.4% in 2023, mainly due to diamond and crop production declines. However, growth is expected to rebound to 4.0% in 2025, thanks to improvements in agriculture, energy supply, and uranium mining.

Future Media CEO Gary Stroebel pictured with Bank of Namibia Governor Johannes !Gawaxab.

Despite this positive outlook, the Governor warned of challenges. These include global trade tensions, low diamond prices, and pressure on public finances caused by lower SACU receipts and higher government spending.

“Namibia has shown strength even in uncertain times,” said !Gawaxab. “Our mission remains clear — to protect the value of our currency and maintain financial stability.”

He unveiled the Bank’s 2025–2027 Strategic Plan, which lays out a vision to become a smarter, more digital central bank. The plan includes three major reforms:

• Instant Payment Solution: A real-time digital payment platform, set to launch later this year. It aims to make low-cost payments more accessible to all Namibians.

• Virtual Assets Regulation: The Bank now oversees virtual asset service providers under the Virtual Assets Act of 2023. This ensures proper licensing, consumer protection, and responsible innovation.

• Central Securities Depository (CSD): A major upgrade to Namibia’s capital markets. With provisional licensing granted in 2024, the CSD is set to launch in the third quarter of 2025.

As the government’s fiscal agent, the Bank also helped raise NAD 15 billion for the 2024/25 national budget. This was done through auctions of treasury bills and government bonds.

!Gawaxab also spoke about Namibia’s Eurobond strategy. He confirmed that the Bank’s USD 463 million sinking fund is well-funded and safely invested, as outlined in the Minister of Finance’s budget speech.

The country’s sovereign wealth fund — the Welwitschia Fund — has also grown. It increased from NAD 270 million in 2022 to NAD 456 million by March 2025. This growth came solely from investment returns. A law to govern the fund is being finalised and will follow global standards on transparency and accountability.

On inflation, the Governor reported good news. Consumer prices eased to 4.2% in 2024, down from 5.9% the year before. He also confirmed that Namibia’s banking sector remains strong, well-capitalized, and profitable.

Finally, the Governor addressed Namibia’s progress in meeting global financial compliance standards. He said the country is making meaningful strides to exit the FATF grey list.

“Namibia remains a trusted player in the global financial system,” !Gawaxab concluded. “We are confident, prepared, and focused on building a better financial future for all.”

The Cirrus Conference brings together local and international securities issuers and was supported by Future Media as its official media partner.