Namibians who do not have access to financial services stood at 22% in 2017, down from 31% in 2011 and 51% in 2007. This is according to the Namibian Financial Inclusion Survey (NFIS) of 2017, which showed that 78% of Namibian adults are financially included, and are served either through commercial banks, non-bank formal ways, or informal financial mechanisms.

Of the 78% of adult Namibians who are financially included and have access to financial services, 72.6% are formally served; (67.7% of them are served by commercial banks; while 52.8% are served by non-bank formal institutions) At least 23.9% make use of informal financial mechanisms.

There is commendable improvement in the earlier financial exclusion, which currently stands at 22%, compared to the 51% that was seen in 2007.

Compared to 2007, the 2011 FinScope Namibia Survey shows a significant increase in Namibian adults that are formally served. 65% of adult Namibians are formally served. This increase has been driven by a high uptake in transactional and savings products between 2007 and 2011.

Financial sector innovation through products, services, technology and expansion of the distribution footprint has also contributed to this increase in the formally served population.