2 new banking licences awarded

The Bank of Namibia recently issued provisional banking licences to Letshego Bank Namibia Limited and Banco Privado Atlantico Europa. The latter was also granted provisional authorisation to establish a branch of a foreign banking institution in Namibia.
 The Bank of Namibia said that the provisional licenses for authorisation were effectively valid for a period of six months commencing 15 July 2014.
After this period, the Bank of Namibia may issue a certificate of authorization to these entities to conduct banking business, provided that they satisfactorily fulfilled the readiness requirements before commencing with banking operations.

Added the central bank “The public is further notified that during the six-month provisional authorization period, neither Letshego Bank Namibia Limited nor the Namibian based branch of Banco Privado Atlantico Europa is allowed to engage in formal banking activities with any person in Namibia, especially soliciting deposits from member of the public, until such time that the Bank of Namibia issues them with certificate of authorisation.”
Letshego currently operates in 10 African countries namely; Botswana, Kenya, South Sudan, Rwanda, Swaziland, Mozambique, Lesotho, Uganda and Tanzania while Banco Privado Atlantico Europa has a presence in Angola.