Nigeria’s Access Bank on the verge of Namibian entry

TILENI MONGUDHI
September 16, 2024

NIGERIAN financial services giant Access Bank, is closing in on its dream of entering the Namibian market, with its application process said to be almost complete.

The Issue has learnt that Access bank is now a shoo-in, with the Bank of Namibia believed to have approved its operating licence in principle. 

Bank of Namibia spokesperson Kazembire Zemburuka, last week told The Issue that BoN is bound by confidentiality and cannot release any information until the approval process is complete. 

However, people privy to the process told The Issue that the approval is basically awaiting finance minister Ipumbu Shiimi’s signature. 

Businesswoman Kauna Ndilula, said to be the local face of the Nigerian bank, refused to comment last week. 

The application process started about five years ago and is expected to end with an approval this year. The Nigerian bank is expected to take advantage of the oil and gas boom expected to positively impact the country’s economy in the coming five years.

The Namibian banking sector is dominated by the South African top banks of Standard Bank, First National Bank and Nedbank, with only one homegrown bank, Bank Windhoek, in the pack. 

The introduction of a new player is billed as good for the struggling small business sector which is starved of financing.

Access Bank started its expansion into the southern African market in 2020 by acquiring Bank Windhoek’s struggling sister operation in Zambia. 

The Namibian application also faced uncertainty early this year after the death of Access Bank’s chief executive, Herbert Wigwe, who died in a helicopter crash in February. 

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