Following Namibia Independence in 1990s, the Namibian banking sector came under the control of the new government.
The architect of this restructuring, Dr WL Bernard, became the first governor of the new central bank.
[3] The Bank of Namibia functions as the central bank of Namibia, whose establishment is enshrined in Article 128 of the Namibian Constitution.
[7] Namibia has 400 registered microlenders which offer "payday lending" (1–5 months repayment period, maximum interest 30% once-off) and "term lending" (6–60 months repayment period, maximum interest double that of commercial banks).
In 2022, over 230,000 households were indebted with microlenders to a total of 7.3 billion N$.