50% survive on N$2 000 or less …More Namibians access banks, financial services
Most Namibians are between a rock and a hard place, barely making ends meet, with more than half earning N$2 000 or less per month. This is according to figures from the latest Namibia Financial Inclusion Survey (NFIS) that shows that 86% of adults are now financially included, up from 78% in2017. This means that... The post 50% survive on N$2 000 or less …More Namibians access banks, financial services appeared first on New Era .
Most Namibians are between a rock and a hard place, barely making ends meet, with more than half earning N$2 000 or less per month.
This is according to figures from the latest Namibia Financial Inclusion Survey (NFIS) that shows that 86% of adults are now financially included, up from 78% in 2017.
This means that just over 425 700 more Namibians have entered the financial system over the past eight years, with the growth in financial inclusion largely being driven by increased access to banking services.
However, the financial inclusion survey reveals a growing gap between access and financial security, as many households continue to face low incomes, rising costs, limited savings and a lack of insurance protection.
The survey findings further show that while more Namibians have bank accounts, many are using financial services mainly to survive rather than to build wealth.
More than half of adults (54.1%) earn N$2 000 or less per month, while food remains the biggest household expense, with slightly more than 90% identifying it as their main spending area.
