Namibia: A Post Office Leading the Way for Financial Inclusion in Africa
In recent years, the Namibia Post Office Savings Bank (NPOSB) has become a strong force in the financial landscape, as it has been at the forefront of providing innovative and affordable financial services tailored for the unbanked and underbanked population in Namibia. In particular, the NPOSB introduced a Smart Card in 2006, which uses biometric identification technology, allowing savings account holders to conduct cash-less transactions across the postal network. So far, over 500,000 Namibians, out of a population of 2.3 million use the Smart Card to access financial services through the Post.
The Namibian case illustrates that a Post can embrace technology and make use of its wide branch network to deliver affordable financial services to the poor, while at the same maintain sound financial performance. This case study is one of a series of studies being undertaken by the Universal Postal Union (UPU), to showcase the opportunities, challenges, and best practices for Posts in financial inclusion.