The Namibian banking industry is critical in stimulating economic activity and ensuring financial stability, particularly during unprecedented and difficult times.

This is according to Baronice Hans, Managing Director (MD) of Bank Windhoek after she recently succeeded Nedbank Namibia’s MD, Martha Murorua as Chairperson of the Bankers Association of Namibia (BAN) in the capital.

The chairmanship of the BAN is rotated annually among the MDs of Namibia’s current five commercial banks.

Hans stated that stakeholders must ensure that banks, as enablers in the financial industry, receive the support they need to contribute to the country’s National Development and Harambee Prosperity Plans.

One of the ongoing challenges that must be addressed over the next year is clarifying the role of the banking sector to the general public and relevant stakeholders, she said.

“Information gives people power and allows them to make better decisions. We must work together to ensure that our society understands banking, particularly financial discipline and the productive use of debt,” she said.

Hans will serve in this capacity for the next 12 months.

Following the Banking Institutions Act, BAN was established in 1997 as the country’s representative trade association for the commercial banking sector. Its overarching goal is to provide a forum for discussion of policy issues affecting the Namibian banking industry, as well as for member banks to discuss common concerns and issues.

Members of BAN deal with non-competitive issues of common interest and significance to Namibia’s banking industry through the BAN.

Source: The Namibian Press Agency