The Bank of Namibia (BoN) has granted Access Bank Namibia Limited a provisional license to begin preparations for conducting banking business in the country.
According to the BoN Director of Strategic Communications and International Relations, Kazembire Zemburuka, the authorisation, issued under Section 12(5) of the Banking Institutions Act, 2023, became effective on 4 October 2024 and is valid for six months.
“The Bank of Namibia hereby announces that it has granted provisional authorisation to Access Bank Namibia in terms of Section 12(5) of the Banking Institutions Act, 2023 (Act No. 13 of 2023), to prepare for conducting banking business in Namibia,” he said.
Zemburuka stated that during this period, the bank must meet all regulatory requirements to receive full authorisation to operate as a banking institution.
“If Access Bank Namibia successfully meets these requirements within the six-month timeframe, or earlier, the Bank of Namibia may issue a certificate of authorisation, allowing Access Bank Namibia to officially commence banking operations,” he noted.
Furthermore, during this six-month provisional authorisation period, Access Bank Namibia is not permitted to conduct any banking business with individuals or entities in Namibia.
“Specifically, the banking institution is prohibited from soliciting deposits or engaging in other banking activities until it receives its final certificate of authorisation. This measure is in place to ensure the bank meets all regulatory requirements before it opens its doors,” Zemburuka added.
This development follows Nigeria-headquartered Access Bank Plc’s identification in 2021 of eight African countries for potential expansion, as it seeks to benefit from the African Continental Free Trade Area (AfCFTA) agreement.
The commercial bank operates through a network of more than 600 branches and service outlets, spanning three continents, 18 countries, and serving over 49 million customers.
Access Bank employs 28,000 people in its operations in Nigeria and has subsidiaries in Sub-Saharan Africa and the United Kingdom (with a branch in Dubai, UAE) and representative offices in China, Lebanon, and India.
