Access Bank granted more time by authorities

The Bank of Namibia (BoN) has extended the provisional banking licence of Nigerian lender Access Bank – which had requested additional time to finalise its entry into the local market – to October.“The extension was granted to allow the applicant additional time to finalise operational and compliance arrangements necessary for full authorisation,” BoN spokesperson Kazembire Zemburuka confirmed to Namibian Sun yesterday. Namibian Sun understands that the bank, which was granted a provisional licence in October, sought the additional time to finalise preparations and meet all conditions mandated by the BoN, amid a looming 30 April deadline.This move underscores Access Bank’s strategic focus on Namibia as a key market in its ambitious expansion across southern Africa.Should Access Bank Namibia successfully meet the set requirements, BoN may issue a certificate of authorisation, allowing Access Bank Namibia to officially commence banking operations.When approached for comment, Access Bank Namibia CEO Oluseun Olufemi Onasoga said the bank is focused on securing its licence and would provide an update to the market in due course. “Access Bank Namibia continues to operate based on the provisional licence. The bank shall provide more information on roll-out in line with our planned market engagement in due course,” Onasoga said.Next frontierNamibia is seen as a pivotal destination for Access Bank’s drive to expand throughout Africa and has been identified as the final frontier through which the Nigerian bank intends to reach its growth potential within southern Africa.In a previous interview, Onasoga, who has been tasked with overseeing the bank’s local operations, said Namibia would be key towards growing the lender’s presence across Africa, following expansion into Angola, Botswana and South Africa within the Southern African Development Community (SADC).“Namibia helps us to complete the southern region block and then allows us – from an African trade perspective – to connect the dots between Africa, the southern region and eastern region, and from the eastern region, you can connect it to the western region. So that&#039;s one of the reasons why we are here,” he said.

Access Bank granted more time by authorities

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Namibian Sun 2025-05-02

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Access Bank granted more time by authorities

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Namibian Sun 2025-05-02

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