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Banking in Namibia

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Banking in Namibia started in June 1906, when German colonists formed the Deutsche-Afrika Bank, which would become the First National Bank of Namibia. Following Namibian Independence in 1990, the Namibian banking sector came under the control of the new government which restructured the sector and created the Bank of Namibia as the central bank. Today banking is dominated by South African commercial banks who operate subsidiaries in Namibia.[1]

History

Following Namibia Independence in 1990s, the Namibian banking sector came under the control of the new government.

The 1990s saw the restructuring of the Namibian banking system, with new commercial banks created, and a new central bank, Bank of Namibia set up. The architect of this restructuring, Dr WL Bernard, became the first governor of the new central bank.

Banks

The Bank of Namibia functions as the central bank of Namibia, whose establishment is enshrined in Article 128 of the Namibian Constitution. The bank is located in the capital, Windhoek. The Bank of Namibia was established in 1990 by the Bank of Namibia Act, 1990 (Act 8 of 1990). The Bank of Namibia is the only institution that is permitted to issue the Namibian dollar by the authority that has been given to it under an Act of the Namibian Parliament. The head of the Bank of Namibia is the Governor of the Bank of Namibia.

  1. Absa Bank Limited
  2. Banco Privado Atlántico Namibia
  3. Bank BIC Namibia Limited
  4. Bank Windhoek Limited
  5. EBank Limited[2]
  6. First National Bank Namibia
  7. Letshego Bank Namibia[3]
  8. Nedbank Namibia Limited
  9. SME Bank Namibia Limited
  10. Standard Bank Namibia
  11. Trustco Bank Namibia, formerly FIDES

See also

References

  1. ^ "History of banking". August 23, 2007. Archived from the original on August 16, 2017. Retrieved August 16, 2017.
  2. ^ Staff Reporter (23 November 2016). "Namibia: Ebank Transforming Banking in Namibia". The Namibian via AllAfrica.com. Windhoek. Retrieved 9 August 2016.
  3. ^ Ramokopelwa, Koobonye (21 July 2016). "Letshego Namibia granted banking license". Botswana Guardian. Gaborone. Retrieved 9 August 2016.
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