Nedbank Group has identified Namibia as a priority market in its regional growth strategy, placing a strong focus on infrastructure, energy, agriculture and mining, while preparing to support emerging industries such as oil, gas and green hydrogen.
The bank said its centres of excellence have been designed to meet the needs of these sectors.
“In the case of Namibia, there are key sectors that will drive growth. Infrastructure, energy, agriculture, commodities and mining all match with our centres of excellence. As oil, gas and green hydrogen come on stream, Nedbank is positioned to work with stakeholders to deliver value,” said Terence G. Sibiya, Group Managing Executive for Nedbank Africa Regions.
Sibiya added that Namibia is one of the Group’s priority SADC markets alongside Mozambique, with a five- to ten-year horizon for structural change.
He said that proceeds from discontinued operations in other regions will be redirected into Southern Africa.
“We are not shying away from opportunities Namibia brings, or from SADC. We have shaken off burdens in Central and West Africa and will reinvest proceeds into SADC. We believe Namibia and Mozambique will look very different within the next decade,” he said.
At country level, Nedbank Namibia is focusing on financial inclusion by expanding digital services to underserved areas, a move aimed at supporting individuals, SMEs and government payments without dependence on branch infrastructure.
“We are building a financially inclusive platform, not just another app. This is about reaching Namibians in rural areas, giving SMEs and individuals easier access, and ensuring secure and reliable payment systems,” said Martha Murorua, Managing Director of Nedbank Namibia.
Murorua emphasised that both accessibility and security underpin the initiative.
“The key element is accessibility, even for those without smartphones. We are exploring dual-system options to include rural users. At the same time, security remains critical, with transactions backed by Nedbank and secured through global standards,” she said.
Group Chief Executive Jason Quinn said continued investment in technology will remain central to Nedbank’s strategy in the region, with Namibia set to benefit from the rollout of group systems.
“Our people remain central, but technology investment is also critical. In Namibia we will see more of these investments to ensure that the platforms we have built are used to deliver real solutions on the ground,” he said.
Quinn confirmed that Nedbank Group had sold its 21.2% stake in Ecobank Transnational Incorporated (ETI). “The sale fetched approximately US$100 million (around R1.8 billion) and was announced on 15 August 2025, with completion expected in the fourth quarter of 2025 and this proceeds are expected to be reinvested into the SADC market,” he said.
The move forms part of the Group’s revised Africa growth strategy, which identifies Namibia, Mozambique and Kenya as priority markets.
Quinn explained that the bank’s ten-year investment in West Africa had been constrained by limited influence as a minority shareholder and challenging economic conditions in Nigeria, including foreign currency shortages and revised capital requirements.
Looking ahead, Quinn highlighted the potential of Namibia and Mozambique in the context of energy development.
“And similarly down here, we see Namibia, which has incredible potential, I think, particularly on the back of LNG off the coast and Mozambique as well, with similar opportunity. Those two markets, I think, have the potential to transform over the medium to long term,” he said.
