Access Bank Plc has obtained an interim license from the Central Bank of Namibia to establish business operations in the country. Objective, to stimulate the local economy and strengthen its position as a leading regional player. According to a note published on Monday, October 7 on the Nigerian Exchange Limited (NGX

The establishment, which is among the 7 Nigerian commercial banks authorized to operate internationally, will work over the coming months to meet all the conditions necessary to obtain a final license allowing it to practice in Namibia.

It will thus strengthen its existing operations in Southern Africa where it operates through banking subsidiaries in Angola, Botswana,, Mozambique, Mozambique, Mozambique, South Africa and Zambia.

“This expansion is an important step towards establishing a railway in Namibia for intra-African trade in the Southern African region, Africa, and the rest of the world. It consolidates our commitment to building a strong banking network in southern Africa to advance financial inclusion,” said Roosevelt Ogbonna (photo), CEO

In Namibia, the banking sector consists of 9 approved institutions, including 7 commercial banks. The country has made significant progress, with a financial inclusion rate of 78%, but still marked by disparities between rural and urban areas. Indeed, 59.3% of the rural population remains excluded from basic financial services.

In a speech delivered on Tuesday, October 1, 2024, on the modernization of the Namibian financial sector, Johannes Gawaxab, Governor of the Central Bank, specified that the Namibian financial sector grew by 3.2% in 2023 and contributed 7% to the country's GDP.

The Namibia Financial Stability Report published in April 2024 indicates that total banking sector assets increased by 6.1% to Namibian $174.4 billion or $9.93 billion Namibian dollars. Net loans and advances made up 61.9% of total bank assets and grew by 2.2%

Access Bank plans to establish itself in this banking market. Note that Standard Bank Namibia and Nedbank Namibia Limited among others have been established there for many years and have developed and expanded their activities there