The Bank of Namibia (BoN) has given Access Bank Namibia provisional authorisation to conduct banking operations in the country.
In a statement issued by the central bank on Friday, BoN spokesperson Kazembire Zemburuka noted that the authorisation has been given for six months to allow Access Bank to meet all requirements before starting banking operations in the country.
He said if Access Bank Namibia successfully meets the requirements within the six-month time frame or earlier, BoN may issue a certificate of authorisation to allow Access Bank Namibia to officially commence banking operations.
Zemburuka said Access Bank is not allowed to conduct banking business with any individual or entity in Namibia during the six-month period.
“The banking institution is prohibited from soliciting deposits or engaging in other banking activities until it receives its final certificate of authorisation,” said Zemburuka.
“This measure is in place to ensure the banking institution meets all regulatory requirements before it opens its doors.”
Access Bank Group is headquartered in Nigeria, with subsidiaries in the Democratic Republic of the Congo, Ghana, Kenya, Tanzania, Nigeria, Rwanda, The Gambia, Guinea, Cameroon, Sierra Leone, Mozambique, Botswana, South Africa, Zambia, France and the United Kingdom.
Earlier this year, Access Bank acquired African Banking Corporation Zambia Limited, trading as Atlas Mara Zambia.
The bank is known as the biggest lender by assets.
Additionally, the bank acquired an 80% stake in Uganda’s Finance Trust Bank in the first half of the year.
Access Bank has operations in various business segments, including banking, consumer lending, payment services, insurance brokerage and pension fund administration.
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