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Home » News & Opinion » Namibia's First Microfinance Bank Gets License to Operate

Namibia's First Microfinance Bank Gets License to Operate

Bank of Namibia (BoN) has granted Fides Bank Namibia a permanent banking license. Fides Bank, promoted by Financial Systems Development Services AG (FIDES), can now engage in formal or informal banking activities with any person in Namibia, especially soliciting public deposits. The bank intends to concentrate on savings, credit and transfer services for small entrepreneurs and self-employed in rural and urban areas, but will not provide consumer lending and payroll deduction.

Fides Bank has start-up capital of N$15 million (US$2 million), and will provide financial services to Namibians who are economically active, but who do not have a fixed salary. The current shareholders include German Development Bank (24.9%), French financiers I&P (22.45%), and Belgian-based social investors Volksvermogen NV (16.67%). The remaining 35.98% is owned by Swiss Microfinance Holding (SMH), Fides’s investment holding company.

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Posted: 03 Feb 2010
Source: the Namibian
Originally Published: 02 Feb 2010