…remaining three NSX-listed bonds scheduled to be dematerialised in September
Bank Windhoek has become the first bank and corporate bond issuer in Namibia to convert an NSX-listed corporate bond from a paper-based security into an electronic record, marking a milestone in the country’s transition towards a fully digital capital market.
The bank successfully dematerialised its N$250.5 million BWJh28L Sustainability-Linked Bond, which was issued in August 2025, through the Central Securities Depository (CSD).
The CSD was launched in December 2025 by the Namibia Securities Exchange (NSX), in partnership with the Bank of Namibia and under the oversight of the Namibia Financial Institutions Supervisory Authority (NAMFISA), as part of efforts to modernise Namibia’s capital-market infrastructure.
Under the new system, ownership of Bank Windhoek’s bond is recorded electronically instead of being represented by physical certificates. Interest payments and changes in ownership will also be processed electronically through the CSD by the bank’s appointed CSD participant, NSX Financial Market Services.
Bank Windhoek said registered bondholders were notified on 8 August of the planned conversion and asked to submit their certificates for verification. The dematerialisation was completed on 21 August, with investor asset registers updated and verified by the end of the day.
Bank Windhoek Managing Director James Chapman said the transaction demonstrates the role financial institutions can play in developing Namibia’s financial-market infrastructure.
“The launch of the CSD is an important development for Namibia’s capital markets, and we are proud that Bank Windhoek could play a pioneering role in bringing this initiative into operation for a corporate bond,” Chapman said.
He said cooperation between market participants could contribute to a more efficient, transparent and secure financial system.
The CSD allows financial instruments, clearing, settlement and ownership registration to be managed electronically.
According to Bank Windhoek, moving away from paper-based registration is expected to improve efficiency and security while supporting broader investor participation.
The electronic system is also expected to facilitate faster settlement of transactions and direct payment of interest into investors’ nominated bank accounts, while reducing risks associated with physical certificates, including loss, theft, damage, forgery and misplacement.
Bank Windhoek said its remaining three NSX-listed bonds are scheduled to be dematerialised on 8 September 2026. Once completed, all of the bank’s NSX-listed bonds will be held electronically through the CSD.
