Banking License Application In Namibia

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Banking License Application In Namibia

What is Banking License?

A banking license is a legal prerequisite for a financial institution that wants to carry on a banking business. Under the laws of most jurisdictions, a business is not permitted to carry words like a bank, insurance, national in their name, unless it holds a corresponding license.

Banking License Application In Namibia

Application Stage

Section 10(1) of the Act requires an applicant to submit a written application for
authorization to conduct banking business. In support of this application, the applicant
should complete the following Banking Institution Forms (BIF) and templates:

  • Application form for a banking license in Namibia (BIF 100) (annexure 1)
  • Application for permission to acquire shares in a banking institution (BIF 101) (annexure 2B)
  • Business plan template (annexure 3)
  • Pro forma financial statements (annexure 4)
  • Calculation of Capital Adequacy (annexure 5) (Kindly refer to BID-5 to be found at www.bon.com.na)
  • BIF 024 (annexure 6) (Kindly refer to BID-1 to be found at www.bon.com.na)
  • BIF 022 (annexure 7)
  • Application form for Independent Auditors and Responsible partners (as per the Determination on the appointment, duties and responsibilities of independent auditors, BID-10, to be found at ww.bon.com.na).

The Bank may not commence with the assessment of an application unless all of the above listed forms are satisfactorily completed and submitted, and the applicant has paid the required application fee.

Minimum requirements for granting a banking license

The minimum requirements that an application for a banking license will be assessed on are as prescribed in section 11(1) of the Act, and as discussed below:

(i) The proposed capital should be adequate and commensurate with the business model (growth strategy, risks relating to the proposed business activities; funding requirements, etc.);
(ii) The prospective banking institution should submit a viable business plan;
(iii) The prospective banking institution should be financially viable;
(iv) Shareholding structure should be transparent with fit and proper shareholders;
(v) The directors, executive officers and substantial shareholders of a prospective banking institution should be tested for fitness and probity. The integrity and competence of the management to conduct banking business shall be taken into account. Substantial shareholders will also be interviewed, to test their knowledge and understanding of banking business;
(vi) The prospective banking institution is or will be able to apply adequate, effective and proper internal control systems and sound principles of corporate governance;
(vii) The integrity of the applicant and its competence to conduct, or experience in conducting banking business;
(viii) The prospective banking institution should portray ability to comply with the laws applicable to banking business;
(ix) The applicant banking institution will be assessed whether granting of the (bank license) application will be in the economic interest of Namibia;
(x) The prospective banking institution should be locally incorporated, subject to approval by the Bank; and
(xi) The prospective applicant has paid non-refundable application fee as prescribed in the Regulations relating to fees payable to Bank of Namibia: Banking institutions Act, 1998 as amended. Applicant should complete and submit the checklist in annexure 8, to ensure that all relevant documents required for the purpose of assessing a banking license application are submitted.

Click here to download Bank License Application and Notification Procedures  

Frequently Asked Questions (FAQ’s)

How can I open a bank account in Namibia?

In order to open a basic bank account you must: 4 Be a Namibian citizen or permanent resident 4 Have a valid identity document 4 Earn N$2000 per month or less Note: An individual is entitled to one BBA per banking institution. First card issued is free but subsequent cards can be charged.

How many commercial banks are in Namibia?

The Banking Sector in Namibia comprises of eight banking institutions, which can be categorised as follows: seven commercial banking institutions; and a branch of a foreign banking institution.

Which banks are in Namibia?

List of banks in Namibia

  • Bank Windhoek Limited.
  • First National Bank Namibia Limited.
  • Nedbank Namibia Limited.
  • Standard Bank Namibia Limited.
  • Trustco Bank Namibia Limited.
  • Banco Atlantico.
  • Bank BIC Namibia Limited.
  • Letshego Bank Namibia Limited.

Is there Capitec bank in Namibia?

Capitec Bank in Elim | Namibia, Namibia | Brabys.

How does Standard Bank Namibia blue wallet work?

A Blue Voucher is a #BlueWallet option that allows you to withdraw money at a Standard Bank ATM without a card. A BlueVoucher one of the BlueWallet options whereby you can withdraw money at a Standard Bank ATM without a card

Can I use my capitec debit card in Namibia?

Supplementary Global One cards can only be used in South Africa. Common Monetary Area (CMA) clients – South Africa, Lesotho, Namibia and Swaziland – can only use their debit cards in the aforementioned countries including South Africa.

Is there Eco Bank in Namibia?

Our Nedbank Africa Regions business has operations in Lesotho, Namibia, Swaziland and Zimbabwe and operates representative offices in Kenya and Angola. The business is also the custodian of the Ecobank–Nedbank Alliance.

Is first Bank in Namibia?

First National Bank (Namibia) (abbreviated as FNB Namibia) is Namibia’s largest commercial bank and, according to The Banker magazine of London, Namibia’s best bank for the fifth consecutive year. The financial institution has its headquarters located in Windhoek’s Independence Avenue.

What is the currency in Namibia?

The Namibian Dollar is the official currency of Namibia. After the country gained its independence in 1990, the Dollar was introduced in 1993 to replace the South African Rand. The Rand is still legal tender, since the Namibia Dollar is pegged to the Rand.

Who are the financial system regulators in Namibia?

The Namibia Financial Institutions Supervisory Authority (NAMFISA) is an independent institution established by virtue of Act No. 3 of 2001 to regulate and supervise financial institutions in the financial services industry in the public interest, and fully funded by levies imposed on this industry.

How do I receive money from Namibia?

How to collect/receive the money in Namibia

  1. Go to any till or money market counter at your nearest Shoprite or Usave with your ID book.
  2. Give the money transfer number to the cashier and enter your secret PIN.
  3. You will get the money immediately.

How do I check my Namibia Standard Bank account balance?

Use any GSM mobile device to check your balance and make your transactions, through our USSD compatible cellphone banking service. Install the Standard Bank App on your smart device, for complete and secure access to our products and services.

What is the total value of the Namibian bank notes and coins?

All banknotes in circulation amounted to N$4.5 billion, while coins amounted to N$252.3 million in 2020. The total value of the currency in circulation increased from N$4.5 billion in 2019 to N$4.7 billion in 2020, an increase of 4.3%, according to the Bank of Namibia (BoN) annual report

Can I send an eWallet to Namibia?

Dial *140*321# Enter cell banking pin (5 – digit) Select Send Money. Select eWallet.

What do I need to open an FNB account in Namibia?

  1. Register for Online Banking through the FNB Namibia website.
  2. All you need is a computer, a connection to the internet and an up-to-date browser.

How do I reverse eWallet in Namibia?

Please contact the FNB Namibia call centre on 061 299 2222. Please note there may be a charge when requesting a reversal. 2) What is the maximum balance of the eWallet?

Which other forms of payment are used in Namibia?

Cash, cheques, paper based credit transfers, credit-, debit- and prepaid cards, trade bills, electronic funds transfer services, S.W.I.F.T. transfers and Automated Teller Machines (ATMs) are all widely used.

How do I register a cash loan business in Namibia?

The applicant will be required to complete the application form and submit the following documentation with the completed application form to NAMFISA: 5.1 A certified copy of Income Tax registration certificate of the Cash Loan Business as issued by the Ministry of Finance.

Can I receive money through PayPal in Namibia?

Technically, any payment gateway can be used in Namibia. However, if you only have a Namibian bank account, you might be able to register for an account with PayPal and start receiving payments into your PayPal account, but you will have no way to get the money from your PayPal account to your own bank account.

Is Bitcoin legal in Namibia?

The report also adds that any cryptocurrency exchanges established and operational in Namibia are “illegal,” a position that is supported by the country’s Currency and Exchanges Act of 1933. According to this law, there is presently no provision for the establishment of cryptocurrency exchanges or bureaus in Namibia.

How long does it take to receive money through WorldRemit in Namibia?

In most cases, transfers to Namibia using WorldRemit arrive within minutes. The expected delivery time will be displayed to you before you make a payment. WorldRemit aims to complete transfers within the timeframes given, however some transfers can take longer depending on how the money is being received.