The Bank of Namibia (BoN) has granted Mobicash Payment Solutions permission to provide mobile payment services in the country.
Mobicash will be allowed to offer mobile payment services, including person-to-person and utility (airtime and electricity) payments, to any person in Namibia.
“With more than 50% of the adult Namibian population having limited access to basic financial services, and predominantly living in rural areas, there is very little access to basic financial services, such as payment facilities. In addition, there [is] very little incentive for conventional banks to venture into serving the unbanked or underbanked,” BoN said in a media statement.
“The extensive costs of establishing branch networks and other problems related to banking further compounded these problems and obstructs the penetration and reach of conventional banks into remote areas. In view of these challenges, the Bank of Namibia regards this initiative as a truly innovative solution towards promoting financial inclusion to cover the unbanked and underbanked population in Namibia.”