(Xinhua) -- Namibia will introduce new green finance products, expand domestic capital markets, and modernize its financial infrastructure by 2035 as part of its long-term financial sector reform strategy.
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The government's Financial Sector Transformation Strategy 2025-2035, which was published on Monday, outlines actions aimed at improving access to finance, increasing investor participation, and enhancing sustainability in the country's financial system.
Under the plan, Namibia will launch at least five new financial instruments per year and increase the number of registered domestic and foreign investors by 70 percent by 2035.
The strategy also targets a 75 percent increase in assets under management and seeks to boost local participation in the Namibian Stock Exchange.
To address climate risks and support low-carbon development, Namibia will implement a national sustainable finance strategy, which includes developing green finance instruments and enabling 60 percent of rural farmers to access climate-related financial products.
The southern African country will also establish a sector-led innovation hub and regulatory sandbox by 2026 to test new financial technologies, while financial institutions introducing innovative products will be eligible for incentives under a new framework set for development by the same year.
Efforts to modernize financial infrastructure under the new strategy include the rollout of digital identity systems and electronic Know Your Customer tools, which aim to enhance access to formal financial services, especially in rural and underserved areas.
The reforms are part of a broader effort to position the financial sector as a driver of inclusive growth, job creation, and environmental resilience.
