The Bank of Namibia has granted provisional authorisation to Access Bank Namibia Limited, allowing the financial institution to begin preparations to operate as a banking institution in the country.
The announcement was made via a press released signed by Kazeibire Zemburuka, Director of Strategic Communications and International Relations at the Bank of Namibia, following the provisions of the Banking Institutions Act of 2023.
The provisional authorisation, which took effect on 4 October 2024, provides Access Bank Namibia with a six-month window to fulfill all regulatory requirements necessary to receive full authorisation.
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During this period, the Apex Bank in the country said, the bank must ensure that it meets all conditions set by the Bank of Namibia adding that if the bank complies with these regulations within the six-month timeframe, the Bank of Namibia will issue a certificate of authorisation, officially allowing Access Bank Namibia to commence banking operations in the country.
It however, stated that, it is important to note that during this provisional period, Access Bank Namibia is not yet permitted to engage in any banking activities, such as soliciting deposits or providing banking services to individuals or entities.
This restriction will remain in place until the bank meets the full requirements and is granted a final certificate of authorisation.
The Bank of Namibia emphasized that this step is a precautionary measure to ensure that Access Bank Namibia adheres to all necessary regulatory standards before commencing operations, safeguarding the interests of potential clients and the financial system.
