Namibia’s N$552.8bn non-bank sector has growth potential
Namibia’s non-bank financial sector has grown to more than N$552.8 billion in assets, while the country’s broader capital market ecosystem is estimated at about N$338.2 billion, highlighting the growing role of non-bank institutions in mobilising savings and financing economic activity, according to Imanuel Hawanga, general manager of capital markets at Namibia Financial Institutions Supervisory Authority (NAMFISA).
Namibia’s non-bank financial sector has grown to more than N$552.8 billion in assets, while the country’s broader capital market ecosystem is estimated at about N$338.2 billion, highlighting the growing role of non-bank institutions in mobilising savings and financing economic activity, according to Imanuel Hawanga, general manager of capital markets at Namibia Financial Institutions Supervisory Authority (NAMFISA).
Collective investment schemes are among the significant components of the sector. By the end of 2025, these schemes managed approximately N$123.4 billion in assets, an increase of 19.2% from the previous year.
Of the assets managed by collective investment schemes, 56.5% were invested domestically, indicating the role of local institutional capital in supporting Namibia’s economy.
The figures come as Namibia seeks to deepen its capital markets and diversify sources of funding beyond traditional bank lending.
Capital markets provide platforms through which long-term funds are raised and invested, connecting investors with businesses, governments and other entities seeking capital for expansion, infrastructure development and other productive activities.
Namibia’s capital market includes equities listed on the Namibia Securities Exchange, government and corporate bonds, collective investment schemes and unit trusts, investment management products, as well as alternative and unlisted investments.
Pension funds, unit trusts, money market funds, listed investments and insurance-linked investment products provide channels through which individuals can participate in financial markets, either directly or indirectly.
Namibia’s substantial institutional savings base, particularly through pension funds and insurance companies, provides potential for further capital market development.
However, a key challenge is creating enough investable opportunities within the domestic economy to absorb these savings.
A deeper and more liquid capital market could reduce reliance on foreign borrowing, support infrastructure financing, improve access to capital for small and growing businesses and promote broader participation in wealth creation.
Several priorities have been identified for unlocking further growth, including increasing the supply of investable assets, expanding investor education, accelerating digital transformation and strengthening financial inclusion.
Hawanga said more companies could consider raising capital through listings on the Namibia Securities Exchange, while government and state-owned enterprises could make greater use of domestic bond markets to finance infrastructure and other projects.
He said the development of deeper capital markets is ultimately linked to Namibia’s ability to convert domestic savings into productive investment.
“A more developed market could provide additional channels for directing institutional and individual savings towards businesses, infrastructure and other economic activities.”
