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Bankers’ Association celebrates 20 years of banking excellence

Bankers’ Association celebrates 20 years of banking excellence

The Bankers Association of Namibia (BAN) which acts as a medium for communication on matters affecting different activities of banking institutions, this year celebrates 20 years of existence.

The present BAN membership comprise of Bank Windhoek, Standard Bank, First National Bank, Nedbank, Bank Bic and Letshego Bank.

Over the past 20 years, the association has dealt with non-competitive issues which are of common interest and of significance to the banking industry in Namibia.

“This is a significant milestone that we have achieved as an industry. We are proud of the world class banking system that we have in Namibia. Together, with the Bank of Namibia we continue to ensure that our financial system remains strong and adaptable to the changes in our environment. The collective background and experience of all our BAN members is invaluable and positions the industry well in terms the legacy we want to leave,” said Baronice Hans, Managing Director of Bank Windhoek and current Chairperson of BAN.

Hans said the association has achieved this objective successfully, despite the challenges facing the banking sector.

“The banking industry is faced with a myriad of challenges, however collectively working towards a common goal will ensure our key stakeholders such as the Bank of Namibia and Government, that we will build a sound banking industry which is the backbone of our economy,” Hans added.

Major achievements of BAN include the launch of the Code of Banking Practice and Guidelines for Lodging Customer Complaints on all banks’ websites, setting up its own website and the implementation of the Wibar Code (Windhoek Interbank Average Rate) in May 2011. The Wibar Code was updated in July 2017.

The BAN structure mainly consists of the following sub-committees: Credit, Treasury, Human Resources, Accounting & Tax, Compliance, Legal, IT, Operational, and Public Relations.


 

 

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Following reverse listing, public can now acquire shareholding in Paratus Namibia

Promotion

20 February 2020, Windhoek, Namibia: Paratus Namibia Holdings (PNH) was founded as Nimbus Infrastructure Limited (“Nimbus”), Namibia’s first Capital Pool Company listed on the Namibian Stock Exchange (“NSX”).

Although targeting an initial capital raising of N$300 million, Nimbus nonetheless managed to secure funding to the value of N$98 million through its CPC listing. With a mandate to invest in ICT infrastructure in sub-Sahara Africa, it concluded management agreements with financial partner Cirrus and technology partner, Paratus Telecommunications (Pty) Ltd (“Paratus Namibia”).

Paratus Namibia Managing Director, Andrew Hall

Its first investment was placed in Paratus Namibia, a fully licensed communications operator in Namibia under regulation of the Communications Regulatory Authority of Namibia (CRAN). Nimbus has since been able to increase its capital asset base to close to N$500 million over the past two years.

In order to streamline further investment and to avoid duplicating potential ICT projects in the market between Nimbus and Paratus Namibia, it was decided to consolidate the operations.

Publishing various circulars to shareholders, Nimbus took up a 100% shareholding stake in Paratus Namibia in 2019 and proceeded to apply to have its name changed to Paratus Namibia Holdings with a consolidated board structure to ensure streamlined operations between the capital holdings and the operational arm of the business.

This transaction was approved by the Competitions Commission as well as CRAN, following all the relevant regulatory approvals as well as the necessary requirements in terms of corporate governance structures.

Paratus Namibia has evolved as a fully comprehensive communications operator in Namibia and operates as the head office of the Paratus Group in Africa. Paratus has established a pan-African footprint with operations in six African countries, being: Angola, Botswana, Mozambique, Namibia, South Africa and Zambia.

The group has achieved many successes over the years of which more recently includes the building of the Trans-Kalahari Fibre (TKF) project, which connects from the West Africa Cable System (WACS) eastward through Namibia to Botswana and onward to Johannesburg. The TKF also extends northward through Zambia to connect to Dar es Salaam in Tanzania, which made Paratus the first operator to connect the west and east coast of Africa under one Autonomous System Number (ASN).

This means that Paratus is now “exporting” internet capacity to landlocked countries such as Zambia, Botswana, the DRC with more countries to be targeted, and through its extensive African network, Paratus is well-positioned to expand the network even further into emerging ICT territories.

PNH as a fully-listed entity on the NSX, is therefore now the 100% shareholder of Paratus Namibia thereby becoming a public company. PNH is ready to invest in the future of the ICT environment in Namibia. The public is therefore invited and welcome to acquire shares in Paratus Namibia Holdings by speaking to a local stockbroker registered with the NSX. The future is bright, and the opportunities are endless.