How banking innovations can empower Namibians

There is a concern that financial institutions, in general, are forcing innovation on customers and are not being mindful of the needs of all Namibians. Myths of digital transformation in NamibiaSome believe that innovation is an exclusionary process that leaves many behind. In the past, the global banking sector has been at fault for digitising analogue processes and specific tasks and calling it innovation. This approach did not sufficiently harness the power of innovation to put the customer first. Thus, it is understandable that people who felt forced to change their banking habits felt excluded.A report by Deloitte Digital, “Digital banking redefined in 2021", found that digital innovation represents an avenue to create opportunities that build trust through intimacy, relevance and perceptiveness. This means that the main objective of financial institutions to replace the processes and services customers use and enjoy is not just to save costs. Instead, there is a drive to create new and innovative ways that enhance the banking user experience and, in turn, put the customer first no matter where they live.The digital transformation leaves rural customers behindIn 2017 M-Pesa launched a mobile money service in Kenya. Shortly after, the business extended its services to reach remote rural areas underserved by traditional banking institutions. Through fundamental technological innovation and modern problem solving, M-Pesa increased financial access throughout east Africa by creating customer-centric experiences.Digital transformation is not for NamibiaIn 2016 the World Bank introduced the Digital Adoption Index (DAI), which measures countries&#039; digital and technological maturity. On a scale of 0-1, Namibia recorded 0.38. This index was compiled long before the Covid-19 pandemic. These figures show Namibian businesses outpacing the country&#039;s people regarding digital adoption. There is a high need for Namibian businesses to educate the public on the importance of digitalisation and its positive impact on customer service. In the World Bank&#039;s “World Development Report 2016: Digital Dividends”, the DAI highlighted the difference in adoption rates between countries.

How banking innovations can empower Namibians

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Republikein 2025-07-03

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How banking innovations can empower Namibians

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