General information

Population

3M

Online population

1.6M

Currency

NAD

Market overview

Population - 3M

[At the start](https://datareportal.com/reports/digital-2024-namibia#:~:text=The state of digital in Namibia in 2024&text=Namibia was home to 703.9,percent of the total population.) of 2024, 55.2% of Namibia’s population lived in urban centres, while 44.8% lived in rural areas.

Internet penetration - 62.2%

There were 1.6M internet users in Namibia at the start of 2024.

FinTech Outlook: Trends, Insight & Technology

As of 2024, Namibia's FinTech ecosystem includes approximately 20 FinTech startups. These companies primarily focus on mobile payments, digital wallets, and financial inclusion initiatives. Notable examples include PayToday and PayPulse, which offer mobile payment solutions tailored to Namibia's high mobile phone penetration.

Namibia is swiftly advancing its FinTech sector through several key initiatives. The Namibia Financial Institutions Supervisory Authority (NAMFISA) has launched FinTech Square, a platform fostering collaboration between regulators and innovators. This initiative aims to promote financial inclusion, especially among underserved populations, while nurturing innovation in financial services. Additionally, NAMFISA is developing a regulatory sandbox to allow FinTech startups to test their innovations in a controlled environment.

The Bank of Namibia (BoN) has been proactive in supporting FinTech growth through policy implementation. It introduced a Financial Technology Regulatory Framework and is experimenting with open finance models.

Banks

The banking sector in Namibia comprises 9 authorised banking institutions, which are categorised as 7 commercial banking institutions, a branch of a foreign banking institution, and a representative office. These banking institutions are the primary mobilisers of funds for the public and the main source of financing for business operations and economic activities in Namibia.

Digital banks