BoN grants provisional authorisation to Access Bank Namibia Ltd to conduct business as a banking institution

The Bank of Namibia 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.

The provisional authorisation is effective from 4 October 2024 for a period of six months. During this period, Access Bank Namibia must fulfil all regulatory conditions required for full authorisation. 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.

The Bank of Namibia herewith notifies the public that during this six-month provisional authorisation period, Access Bank Namibia is not permitted to conduct banking business with any individual or entity 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 banking institution meets all regulatory requirements before it opens its doors.