Ongos Valley owned building society gets provisional registration from Bank of Namibia
The Bank of Namibia on Monday announced that it has provisionally registered the Cadence Building Society Cadence Building Society is owned by Ongos Valley Development, a wholly owned local company.
A building society is an association of persons who raise funds through the sale of shares, public deposits, or member subscriptions to build, buy, and improve homes. Although a key part of the business model usually focuses on providing mortgage products, Building Societies may also offer similar products to any other deposit-taking institution.
During the period of provisional registration Cadence Building Society may not conduct business with members of the public until it has met the requirements for full registration, the central bank said.
According to the statement, the provisional registration of Cadence Building Society is effective from 10 February 2023 for a year.
“After this period, the Bank may issue a certificate of registration to Cadence Building Society to conduct business provided that it satisfactorily fulfills the conditions of the provisional registration,” a statement from BoN said.
Meanwhile, the public is hereby notified that the provisional registration allows Cadence Building Society to organise itself before it commences business as a building society.