FINANCE

FINANCE 2018-03-28T13:50:35+00:00

Finance Sectors

NAMIBIA HAS SOLID FOUNDATIONS FOR DEMOCRACY, GOOD GOVERNANCE, PEACE AND STABILITY. THE FOREIGN INVESTMENT ACT PROVIDES SPECIFIC PROTECTION FOR FOREIGN INVESTORS IN NAMIBIA. AFRICA AND NAMIBIA’S POTENTIAL FOR INCREASING GROWTH REMAINS. NAMIBIA CAN BECOME A FUTURE HUB OF REGIONAL AND CONTINENTAL GROWTH.

The government as well as the private sector continuously strives to enhance Namibia’s attraction as an investment destination.

Well-established business professionals in the finance sector have a thorough understanding of the Namibian business environment, wheth­er it is financial management, tax and advisory services, investment management companies, banks that offer highly sophisticated banking systems or insurance.

The importance of the financial sector to the general economic growth of a country is well documented. Where financial services are supplied broadly and effectively they accelerate economic growth, increase the efficiency of resource allocation and improve the distribution of wealth, in line with Namibia’s 2030 vision.

The overall objective of the Namibian Financial Sector Strategy (NFSS) is to develop a more resilient, competitive and dynamic financial sys­tem with best practices so that the sector can realise its full potential in respect of its contribution to economic growth and achieving the socio-economic objectives of poverty reduction and wealth creation. Furthermore, the strategy envisions the emergence of strong and in­novative domestic financial institutions that are more technology driven and ready to face the challenges of globalisation.

The strategy focuses on reforms in the following key areas:

  • Deepening financial markets and developing a financial safety net
  • Financial inclusion through
    • Consumer financial literacy and protection
    • Access to financial services and products
    • Localisation of the Namibian financial sector
    • Skills development in the financial sector

By the end of year 2021 the following should have been achieved:

  • a deeper and more efficient financial system
  • respected, world-class regulators
  • a stable, well-regulated and competitive financial sector
  • significant local ownership of financial institutions
  • an inclusive financial sector
  • financially literate and protected consumers of financial services and products.

THE MINISTRY OF FINANCE

The Ministry of Finance is responsible for matters concerning central government finances – including coordination of the central govern­ment budget, forecasts and analyses – tax issues, the management and administration of central government activities as well as financial mar­kets and consumer legislation.

VISION
To be a dynamic and reputable institution excelling in fiscal and finan­cial management.

MISSION
We develop and administer fiscal and financial policies that ensure macro-economic stability, sustainable and equitable socio-economic development.

VALUES
Integrity, Loyalty, Accountability, Competency

The Ministry of Finance – Molkte Street, Windhoek – Private Bag 13295, Windhoek – +264-61-2099111 – www.mof.gov.na
Office Telephone Numbers, country & city code +264 61
Minister 209 9111
Deputy Minister 209 9111
Permanent Secretary 209 2929
Director: Expenditure and Financial Management 209 2705
Director: Administration 209 2925
Director: Customs and Excise 209 2811
Director: EPAS 209 2131
State Accounts 209 9111
Tender Board Secretariat 209 2136
Auxiliary Services 209 9261
Inland Revenue Management 209 9111

KNOW YOUR CURRENCY

Inspect security features

NEW BANKNOTE FAMILY
Both the old and upgraded banknotes will run concurrently and will be accepted as legal tender in the payment for goods and services in Namibia.

VITAL CONTACTS

EAN – THE ECONOMIC ASSOCIATION OF NAMIBIA
+264 81 1559775
info@ean.org.na
www.ean.org.na

The EAN strives to further the economic development of Namibia by
bridging the apparent gap between private and public sector players,
and to open channels for improved dialogue, support and cooperation.

ICAN – THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NAMIBIA
+264 61 22 02181
secretariat@icanpaab.com
www.icancpd.net

NIPA – THE NAMIBIA INSTITUTE OF PROFESSIONAL ACCOUNTANTS
+264 61 38 2700
office@nipa.com.na
www.nipa.com.na

PAAB – THE PUBLIC ACCOUNTANTS AND AUDITORS BOARD
+264 61 285 8467
secretariat@paap.com.na

NAMIBIA STOCK EXCHANGE
+264 61 227 647
info@nsx.com.na
www.nsx.com.na

COMMERCIAL BANKS

The following commercial banks operate in Namibia:

BANK BIC
+264 83 330 9000
www.bankbic.na

BANK WINDHOEK
+264 61 299 1200
www.bankwindhoek.com.na

FIRST NATIONAL BANK OF NAMIBIA LTD
+264 61 299 2111
callcentre1@fnbnamibia.com.na
www.fnbnamibia.com.na

NEDBANK OF NAMIBIA LTD
+264 61 295 2222
serviceplus@nedbank.com.na
www.nedbank.com.na/home

SME BANK
+264 61 430 1000
info@smebank.com.na
www.smebank.com.na

STANDARD BANK OF NAMIBIA LTD
+264 61 294 2126 / +264 61 294 2136 / MTC 0819286
info@standardbank.com.na
www.standardbank.com.na

All Namibian banks are connected to major international communication
networks, ensuring fast and efficient transfers of funds to and from
other centres in the world.
In September 1993 Namibia introduced its own currency, the Namibia
Dollar (N$), divided into 100 cents. The Namibia Dollar is linked to the
South African Rand (ZAR), which is also legal tender in Namibia.