Access Bank Namibia has been granted provisional approval by the Bank of Namibia (BoN) to initiate banking operations in the country. The central bank has allowed a six-month period for the bank to meet regulatory requirements before it can officially commence services.
BoN spokesperson Kazembire Zemburuka announced the decision on Friday, clarifying that Access Bank is not permitted to engage in any banking activities during this time. The bank must refrain from soliciting deposits or conducting business with individuals or entities until it receives its final certificate of authorization.
“This temporary restriction ensures that Access Bank meets all necessary conditions before launching its services,” Zemburuka said. If the bank fulfills the requirements ahead of schedule, it may obtain its certification earlier and officially begin operations.
Access Bank, headquartered in Nigeria, is one of Africa’s largest financial institutions, with subsidiaries across the continent, including in Ghana, Kenya, South Africa, Mozambique, and Zambia. Earlier this year, the bank expanded its regional presence by acquiring African Banking Corporation Zambia Limited (Atlas Mara Zambia) and securing an 80% stake in Uganda’s Finance Trust Bank.
The move into Namibia marks another significant step in Access Bank’s strategic growth across Africa. The bank expressed enthusiasm about entering the Namibian market, highlighting the country’s potential for economic development. Roosevelt Ogbonna, Managing Director and CEO of Access Bank Plc, stated that this expansion aligns with the bank’s commitment to enhancing financial inclusion and supporting local businesses, particularly small and medium-sized enterprises (SMEs), through innovative financial solutions.
