馃嚦馃嚘NamibiaSouthern Africa
Namibia's banking sector significantly contributes to the economy through job creation, taxes, and investments
via The Namibian4 min read
The Bankers Association of Namibia highlights the substantial, often overlooked, contributions of its members to the Namibian economy. These include job creation, tax payments, and investments in pension funds and the financial system. In the third quarter of 2025, the banking sector remained well-capitalized, profitable, and liquid, with total assets increasing by 3.1% to N$184.7 billion. Beyond corporate tax, the sector collects and remits pay-as-you-earn, and employees contribute VAT. Research indicates that between 2016 and 2021, the financial and insurance services industry contributed 4.2% to GDP, making it the third-largest sector. Over a longer period from 1996 to 2021, its average GDP contribution was 4.2%, ranking it fourth among tertiary industries. The Bank of Namibia reports that the financial sector, broadly defined, contributed an average of about 7.1% to the country鈥檚 GDP between 2015 and 2024. Bank loans averaged around 53% of GDP between 2011 and 2024. The total money in the economy, including cash and savings, was about 64% of GDP in 2024, higher than the sub-Saharan Africa average of 54%. The banking sector alone employs over 6,000 people, with an annual salary bill of N$1.842 billion across five major commercial banks, generating N$500 million in annual employee tax contributions. Profitable banks sustain payrolls, expand hiring, invest in digital infrastructure, and offer staff pension schemes. They also retain earnings to build capital buffers, supporti
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This summary was AI-generated from a story originally published by The Namibian.
Must ReadNamibia has been chosen to host the headquarters of the inter-continental Global Water Partnership Organisation GWPO, following an 18-month competitive selection process. Alex Simalabwi, GWPO chief executive and global water partnership executive secretary, announced this on Wednesday at the 2026 commemoration of Africa Public Service Day in Swakopmund. He highlighted Namibia's professionalism, political stability, infrastructure, leadership, and extensive experience in water management within one of the world's driest regions as key factors in its selection. Simalabwi praised the Namibia Water Corporation as a leading water utility and recognized the Gammams Water Reclamation Plant in Windhoek as a global model for sustainable water supplies in water-scarce countries. He emphasized the importance of strengthening partnerships and adopting integrated approaches for water security. The relocation of GWPO headquarters from Stockholm, Sweden, to Windhoek is expected to position Namibia as a global center for water dialogue, innovation, and knowledge sharing, creating employment opportunities, promoting skills development, and generating economic benefits. This move further solidifies Namibia's role as a global reference in water management and provides a platform to share its expertise internationally.
Namibia's Police Tourism Protective Subdivision has achieved a reduction in criminal cases against tourists since February 2026, according to chief inspector Christina DaFonsech-Shikongo, head of the unit. The unit engages daily with approximately 1,035 tourists arriving from 14 international flights at Hosea Kutako International Airport, providing crime prevention tips and contact details for regional commanders. While 376 outstanding cases were carried over to the unit in February, only 57 new cases involving 20 suspects were reported by June of this year. Of these, 36 cases have been finalized, resulting in convictions and jail sentences. Robbery, previously the most common crime, has been surpassed by theft from motor vehicles, particularly at bed-and-breakfast facilities with insufficient security. Since February, the unit has recovered 37 cellphones, four laptops, one iPad, and a Gucci handbag, all stolen from tourists, and returned them to their owners. DaFonsech-Shikongo advises tourists against advance bookings and payments with unregistered car hire companies or using credit cards for services unless dealing with genuine providers. Challenges faced by the unit include language barriers with some tourists and difficulties investigating crimes by unregistered tour guides due to a lack of reliable records.
The Namibian government has awarded N$774,000 to athletes and coaches for medal-winning performances during the first quarter of 2026. The rewards were presented by the Namibia Sports Commission in Windhoek, benefiting participants from athletics, wrestling, full contact, inline hockey, and Special Olympics Namibia. This initiative aligns with the Cabinet-approved national sport rewards policy of 2018, which aims to provide a transparent and merit-based system for recognizing sporting excellence. Freddy Mwiya, chief administrator of the Namibia Sports Commission, stated that the policy was introduced to eliminate inconsistencies in financial rewards that existed before 2018. He emphasized that rewards are based on clearly defined criteria, not solely on winning medals, and that competitions must meet specific requirements to qualify. For the first quarter, Special Olympics Namibia received N$250,000 and Namibia Inline Hockey received N$220,000, with individual athletes receiving varying amounts based on their medal type. Mwiya confirmed that all payments had already been transferred to the respective sport federations. He also noted that Namibia, along with Botswana and South Africa, is among the few southern African countries with such a structured national rewards policy. Additionally, Mwiya announced that Commonwealth Games medal winners would receive N$80,000 for gold, N$60,000 for silver, and N$40,000 for bronze, with coaches receiving N$35,000, N$25,000, and N$15,000, r