Sector · Banking
Banking
Key figures
0.6
8.5
127,101.4
323.78
Overview
Namibia hosts a modern, technologically sophisticated, relatively low-risk and highly profitable banking system led by private sector companies with links to other countries in the region. They offer a wide variety of services to retail and corporate clients including mortgages for residential and commercial property.
Banking Institutions
The Ministry of Finance and Social Grant Managementand the Bank of Namibia (Namibia’s central bank) take the lead in determining policy and regulating Namibia’s banking industry while the Namibian Financial Institutions Supervisory Authority (NAMFISA) regulates the non-banking financial sector. The Ministry has been headed since March 2025 by the Honourable Ericah Shafudah. The Bank of Namibia has been headed since 2021 by Governor Johannes !Gawaxab. NAMFISA has been headed since 2016 by Kenneth Matomola. The Ministry, Bank of Namibia and NAMFISA published a document entitled “National Financial Sector Strategy 2011-2021: Toward Achieving Vision 2030 in 2012” which has guided policy towards the financial sector. FinScope produces periodic reports on financial inclusion, the last of which was published in 2017.
The Government has not been directly involved in the retail banking sector since the forced liquidation of its SME Bank in 2017 but owns the Agricultural Bank of Namibia (Agribank) and the Development Bank of Namibia, neither of which are deposit-taking banks. Seven companies currently hold banking licences: Bank Windhoek (part of Namibia’s Capricorn Group), First National Bank of Namibia (part of South Africa’s FirstRand Group), Standard Bank Namibia (part of South Africa’s Standard Bank Group), Nedbank Namibia (part of South Africa’s Nedbank Group), Bank BIC Namibia (part of Angola’s BIC Group), Letshego Bank Namibia (a micro finance banking institution and part of Botswana’s Letshego Group), and Banco Atlántico (a branch of a foreign bank). The main retail and business banks are Bank Windhoek, FNB Namibia, Standard Bank Namibia, and Nedbank Namibia, the first three of which have significant Namibian shareholdings and are also listed on the Namibian Stock Exchange. They all offer a wide range of modern banking services to retail and corporate clients. The Bank of Namibia produces informative Annual Reports, Annual Financial Stability, and Quarterly Bulletins which provide a wealth of detail about Namibia’s banking sector. Namibia also has a small but growing fintech sector including companies such as Mobipay, JABU and Buddy.
Non-performing loans (% of total loans)
Read values
| Period | percent of total loans |
|---|---|
| Q1 2013 | 1.4 |
| Q2 2013 | 1.5 |
| Q3 2013 | 1.5 |
| Q4 2013 | 1.3 |
| Q1 2014 | 1.4 |
| Q2 2014 | 1.5 |
| Q3 2014 | 1.5 |
| Q4 2014 | 1.5 |
| Q1 2015 | 1.3 |
| Q2 2015 | 1.5 |
| Q3 2015 | 1.6 |
| Q4 2015 | 1.5 |
| Q1 2016 | 1.6 |
| Q2 2016 | 1.5 |
| Q3 2016 | 1.6 |
| Q4 2016 | 1.6 |
| Q1 2017 | 1.8 |
| Q2 2017 | 2.1 |
| Q3 2017 | 2.1 |
| Q4 2017 | 2.2 |
| Q1 2018 | 2.5 |
| Q2 2018 | 2.9 |
| Q3 2018 | 3.4 |
| Q4 2018 | 3.6 |
| Q1 2019 | 3.8 |
| Q2 2019 | 4.5 |
| Q3 2019 | 4.7 |
| Q4 2019 | 4.8 |
| Q1 2020 | 5.2 |
| Q2 2020 | 5.8 |
| Q3 2020 | 6.5 |
| Q4 2020 | 6.4 |
| Q1 2021 | 6.5 |
| Q2 2021 | 6.7 |
| Q3 2021 | 6.9 |
| Q4 2021 | 6.4 |
| Q1 2022 | 6.3 |
| Q2 2022 | 6.1 |
| Q3 2022 | 5.7 |
| Q4 2022 | 5.7 |
| Q1 2023 | 5.7 |
| Q2 2023 | 5.5 |
| Q3 2023 | 5.7 |
| Q4 2023 | 5.8 |
| Q1 2024 | 6.1 |
| Q2 2024 | 5.9 |
| Q3 2024 | 5.9 |
| Q4 2024 | 5.7 |
| Q1 2025 | 5.5 |
| Q2 2025 | 4.9 |
| Q3 2025 | 4.8 |
| Q4 2025 | 4.3 |
| Q1 2026 | 4.2 |
Regulators
- Bank of Namibia
- The Bank of Namibia is Namibia’s central bank and, as such, performs all the usual functions and exercises all the usual powers of a central bank including the conduct of monetary policy and the setting of interest rates, the management of the exchange rate and foreign exchange reserves, and the regulation of the country’s banking system. Namibia belongs to the Common Monetary Area (CMA) with South Africa, Lesotho and Eswatini and the South African Rand (ZAR) continues to be legal tender. The Bank of Namibia is the public agency charged with administering Namibia’s foreign exchange controls which are important for companies which are funded by foreign capital or engaged in foreign trade. The Governor of the Bank of Namibia is currently Mr Johannes !Gawaxab who was first appointed on 1 June 2020 and then for a full five-year term from 1 January 2022.Read more about Bank of Namibia
- Namibia Financial Institutions Supervisory Authority
- The Namibia Financial Institutions Supervisory Authority (NAMFISA) was created under the Namibia Financial Institutions Supervisory Authority Act (Act No.3 of 2001). NAMFISA regulates providers of non-banking financial services including the Namibian Stock Exchange, stock-brokers, asset managers, life insurance and insurance companies, and micro-lenders. Mr Kenneth Matomola was reappointed CEO for a second five-year term ending 31 July 2026.Read more about Namibia Financial Institutions Supervisory Authority
Public enterprises
- Agricultural Bank of Namibia
- In its present form the Agricultural Bank of Namibia (“Agribank”) was established in terms of the Agricultural Bank of Namibia Act (Act No.5 of 2003) and is classified as a public enterprise that is a financial institution. Agribank’s mandate is “to advance money to persons or financial intermediaries for the promotion of agriculture and related activities”. Under the Act, Agribank does not pay corporate income tax or dividends and is audited by the Office of the Auditor General. Its board must submit an audited annual report to the Minister of Agriculture within six months of the end of its financial year. Agribank’s financial year runs from 1 April. Its CEO is Mr Robert Eiman who took up the post on 1 July 2026.Read more about Agricultural Bank of Namibia
- Development Bank of Namibia
- The Development Bank of Namibia (DBN) was established 2003 in terms of the Development Bank of Namibia Act (Act No.8 of 2002) and is classified as a public enterprise that is a financial institution. The DBN’s mandate is “to contribute to the development of Namibia and the socio-economic wellbeing of its citizens”. Under the Act, the DBN does not pay corporate income tax. The DBN’s financial year runs from 1 April. The DBN is rated by Fitch Ratings. The DBN’s CEO was Dr John Steytler who was appointed on 1 September 2023 but resigned on 11 March 2025 to be replaced by John Mbango as acting CEO. Mr Titus Ndove was appointed CEO from 1 November 2025.Read more about Development Bank of Namibia
Companies
In collaboration with Robin Sherbourne.