Access Bank granted provisional banking licence
Nigerian lender Access Bank has been granted a provisional banking licence by the Bank of Namibia (BoN) to set up shop in Namibia, and will be required to navigate regulatory conditions as part of its ambitions to expand.
The central bank announced that the provisional banking licence was effective from 4 October, and will run for a period of six months, During this period, Access Bank will have to demonstrate its capacity to operate a bank within the country.
"During this period, Access Bank Namibia must fulfill all regulatory conditions required for full authorisation. If Access Bank Namibia successfully meets these requirements within the six-month time frame or earlier, the BoN may issue a certificate of authorisation, allowing Access Bank Namibia to officially commence banking operations," it said.
Access Bank will not be allowed to conduct any banking activities within Namibia during the six-month period, and would have to wait until it is issued with a final certificate of authorisation, the BoN explained.
"The banking institution is prohibited from soliciting deposits or engaging in other banking activities until it receives its final certificate of authorisation. This measure is in place to ensure the banking institution meets all regulatory requirements before it opens its doors."
Bloomberg in 2021 reported that Access Bank had identified markets of interest in Morocco, Algeria, Egypt, Ivory Coast, Senegal, Angola, Namibia and Ethiopia, according to an online presentation by the Lagos-based lender. Bloomberg also identified Access Bank as the largest in Nigeria.
Headquartered in Nigeria, Access Bank has operations 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.
The central bank announced that the provisional banking licence was effective from 4 October, and will run for a period of six months, During this period, Access Bank will have to demonstrate its capacity to operate a bank within the country.
"During this period, Access Bank Namibia must fulfill all regulatory conditions required for full authorisation. If Access Bank Namibia successfully meets these requirements within the six-month time frame or earlier, the BoN may issue a certificate of authorisation, allowing Access Bank Namibia to officially commence banking operations," it said.
Access Bank will not be allowed to conduct any banking activities within Namibia during the six-month period, and would have to wait until it is issued with a final certificate of authorisation, the BoN explained.
"The banking institution is prohibited from soliciting deposits or engaging in other banking activities until it receives its final certificate of authorisation. This measure is in place to ensure the banking institution meets all regulatory requirements before it opens its doors."
Bloomberg in 2021 reported that Access Bank had identified markets of interest in Morocco, Algeria, Egypt, Ivory Coast, Senegal, Angola, Namibia and Ethiopia, according to an online presentation by the Lagos-based lender. Bloomberg also identified Access Bank as the largest in Nigeria.
Headquartered in Nigeria, Access Bank has operations 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.
