Standard Bank resets Namibia’s financial future
The Namibian economy is shaped by a young, literate population—with 71% under the age of 35 and an adult literacy rate of 87%—yet structural barriers continue to limit financial participation. According to the 2023 census, only 52.2% of Namibians have access to a mobile phone, and unemployment remains high at 36.9%. These realities underscore a pressing truth: financial exclusion is not just a banking challenge; it is a national challenge that demands bold, inclusive solutions.
Reset: Stabilising households and businesses
The past decade has tested Namibia’s resilience. A technical recession, pandemic disruptions, and sustained cost pressures have widened inclusion gaps. While 78% of Namibians were financially included in 2017, risk aversion remains pervasive; 57.8% of adults avoid borrowing, and nearly 70% remain uninsured due to affordability concerns. Formal savings participation has declined to 60%, leaving households vulnerable to shocks.
Amupolo said resetting the financial system requires addressing these structural frictions head-on. She said this involves transparent pricing, financial education, and tools that empower informed decision-making. At Standard Bank, the belief is that stabilisation begins with access—ensuring every Namibian can confidently use financial services to manage costs and plan for the future.
Recover: Restoring confidence through inclusion
Broad-based recovery will be shaped less by the availability of capital and more by the ability of Namibians to access it. The Financial Sector Transformation Strategy’s ambition to reach 95% inclusion by 2035 is both necessary and achievable. However, Amupolo said inclusion cannot be aspirational; it must be practical.
She said this is why Standard Bank has aligned its product and pricing strategy with the national agenda. A refreshed 2026 pricing structure for both the SME and Commercial segments, effective 1 January, signals a clear commitment: banking should empower progress. By reducing everyday banking costs and expanding free digital services, the bank is removing unnecessary barriers and simplifying choices for individuals and businesses.
Rebuild: Banking that unlocks growth
The new pricing strategy is designed to unlock participation and foster resilience. Amupolo said customers benefit where it matters most:
Affordability: Lower fees on common digital transactions make day-to-day banking simpler.
Essential support: Free point-of-sale purchases for Basic Bank Account holders, senior citizens, and bundle customers reduce the cost of essentials.
Convenience: Lifestyle-aligned bundles combine convenience with relevant perks at a cost-effective price.
Business growth: Improved SME and Commercial segment pricing lowers the cost of trading and supports access to tailored growth solutions.
Amupolo said these changes do more than save money; they create opportunity. They help graduates build a financial footprint, and small enterprises trade with greater confidence. By encouraging safe transacting through lower EFT fees and free inter-account transfers, the bank is accelerating digital adoption—an essential driver of long-term resilience.
Unlocking growth for Namibia’s future
Small and medium enterprises remain the backbone of Namibia’s economy, driving job creation and innovation. Amupolo said the bank's pricing strategy is built to partner with entrepreneurs throughout their growth curve. By reducing transaction friction, the bank helps businesses formalise operations and build the financial records necessary for accessing working capital.
Amupolo said this approach balances customer relief with long-term value creation. It supports financial wellbeing, fosters digital inclusion, and strengthens the foundations of sustainable economic growth. The message remains consistent: banking should be a partner in possibility.
Namibia is our home; we drive her growth.
