MICROCAPITAL BRIEF: Namibia Launches Financial Literacy Initiative to Educate, Protect Consumers

A program aimed at increasing financial literacy among individuals and micro-,small and medium-sized enterprises (MSMEs) in Namibia, the Financial Literacy Initiative (FLI), recently was launched in the city of Katima Mulilo. FLI is a public-private partnership that intends to address needs associated with both financial literacy and consumer protection. Governor of the state of Caprivi, Lawrence Sampofu, reportedly stated that “financial products have to be tailored to meet the needs of consumers, especially low-income earners. The cost of such products cannot be allowed to continue serving as a deterrent to broad-based participation in the financial system.”

Further details on the program are not available.

The one Namibian microfinance institution (MFI), FIDES Bank Namibia, that reported 2011 data to the US-based nonprofit data provider Microfinance Information Exchange (MIX) reported a gross loan portfolio of USD 2.8 million.

By Charlotte Newman, Research Associate

Sources and Additional Resources:

AllAfrica: “Namibia: Financial Literacy Campaign Launched,” http://allafrica.com/stories/201211270850.html

MicroCapital.org story, July 16, 2012, “MICROCAPITAL BRIEF: Microloans in Namibia Grew an ‘Alarming’ 34% in 2011 to $183m,” https://www.microcapital.org/microcapital-brief-microloans-in-namibia-grew-an-alarming-34-in-2011-to-183m/

MicroCapital.org story, November 21, 2012, “MICROCAPITAL BRIEF: First National Bank Namibia Releases Mobile Money Service,” https://www.microcapital.org/microcapital-brief-first-national-bank-namibia-releases-mobile-money-service/

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