Finteq Powers Namibia's Digital Payment Revolution, Enabling Trillions in EFT Transactions
Finteq, a leading provider of financial technology solutions, is proud to announce its role in powering the clearing and settlement infrastructure that has driven Namibia’s rapid adoption of digital payments. As revealed in a recent report by the Bank of Namibia (BON), Electronic Funds Transfers (EFTs) have become the dominant payment method in the country, showcasing Namibia’s accelerated journey towards a cashless future.
The BON’s comprehensive 2024 payment landscape report highlights the significant maturity of Namibia’s financial ecosystem. Notably, EFT transactions reached an astounding N$1.26 trillion in value during the year. This figure, when compared to Namibia’s 2023 GDP, demonstrates that the equivalent of the country’s entire economic output flowed through the EFT system between five and six times in 2024.
“Finteq is honoured to be a key partner in enabling this remarkable growth in digital payments,” said Rob Muller, Commercial Director at Finteq. “Our systems provide the robust clearing and settlement technology that underpins the Namibian National Payment System’s EFT infrastructure, ensuring seamless and secure transactions for all participating financial institutions.”
Finteq’s technology not only facilitates the efficient processing of EFTs but also plays a crucial role in integrating all financial institutions into the national payment system. This integration has been instrumental in driving the widespread adoption of digital payments across Namibia.
“The Bank of Namibia’s report underscores the transformative power of digital payments in driving economic growth and financial inclusion,” Muller added. “Finteq remains committed to supporting the Bank of Namibia and the Namibian financial sector in their continued journey towards a secure and efficient digital payments landscape.”
The rapid increase in EFT transactions signifies Namibia’s commitment to embracing technological advancements and fostering a modern, efficient financial system. Finteq is proud to contribute to this progress and looks forward to continuing its partnership with the Namibian Financial Industry.
