Access Bank Plc Secures Provisional Licence in Namibia

Access Bank Plc (‘Access Bank’ or ‘the Bank’), one of Africa’s leading banks, has obtained the Bank of Namibia’s approval-in-principle for a banking licence in Namibia, marking a significant milestone in its strategic expansion across the continent. This development moves Access Bank closer to its vision of becoming the World’s Most Respected African Bank, further positioning itself as a gateway to global opportunities.

The Bank’s expansion into Namibia highlights its commitment to fostering long-term sustainable growth in the African economy by unlocking the region’s vast economic potential. Namibia, classified as an upper-middle-income country, has shown notable resilience in the aftermath of the COVID-19 pandemic, with GDP growth rates of 3.6% in 2023 and a projected 3% in 2024. The rise of new industries in Namibia presents a promising path for job creation, innovation, and the enhancement of financial opportunities for businesses both within Namibia and across Africa.

Commenting on the development, Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank Plc, said:

“We are delighted to extend our footprint into Namibia, a nation that embodies resilience and opportunity. This expansion is not just a strategic move for Access Bank but a commitment to fostering local economic growth and creating new avenues for financial inclusion across Africa. 

“Our entry into the Namibian market also represents a pivotal step in our broader ambition to build a strong global franchise. With Namibia positioned as a key gateway for financial and trade transactions between Africa and the rest of the world, we are poised to facilitate seamless payments and cross-border collaborations that will unlock new opportunities for businesses and individuals alike. We look forward to partnering local stakeholders to drive innovation, empower communities, and contribute meaningfully to the prosperity of the region.”

The Bank will be working in the coming months to fulfil the conditions precedent to the grant of final licence and will keep the market updated.

Access Bank’s entry into the Namibian market is expected to stimulate the local economy and strengthen its position as a leading regional player. With existing operations in Southern Africa – Angola, Botswana, Mozambique, South Africa, and Zambia – the Bank is well-positioned to offer stakeholders seamless access to diverse opportunities for expansion and collaboration across the region.

Committed to inclusive growth, Access Bank aims to empower Small and Medium Enterprises (SMEs), which are vital to any flourishing economy. By adhering to its core promise of delivering “More than Banking,” the Bank aspires to establish itself as a key player within Namibia’s financial sector, leveraging the strength and reputation of its parent brand.