India, for example, has registered economic growth close to double digits, even at the height of the current financial and economic crisis. It is reported that India’s SME sector contributes about 50 percent to India’s total exports. As one of the ways towards achieving the ideals of our National Vision, Namibia aspires to have a flourishing SME sector by the year 2030.
The case for financial inclusion is, therefore, not only based on principle of equity – but access to affordable banking and other financial services is also required for inclusive growth with stability. Ladies and Gentlemen, over the past 20 years, financial institutions in Namibia have been fulfilling the intermediation function to a certain extent, and thereby have contributed to economic development.