The Financial Systems Development Services (FIDES) Bank Namibia Limited has received its permanent banking license from the Bank of Namibia this week in the form of a certificate of authorization. The banking license provides Fides with a six-month window during which it must establish its operations
FIDES received a certificate of authorisation to establish the bank this Monday. The bank will be known formally as FIDES Bank Namibia Limited.
The Bank of Namibia (BoN) announced in an unclear media statement earlier this week that “a certificate of authorization to establish a banking institution in Namibia has been granted to FIDES Bank Limited with effect from 1 February 2010.”
“The public is further notified that, FIDES Bank is now permitted to engage in formal or informal banking activities with any person in Namibia, especially soliciting public deposits”, the central bank said.
“The Bank of Namibia would regulate FIDES Bank Namibia regarding the commercial bank institution act, despite the fact that FIDES Bank would operate on parameters to a small degree or extent of a micro-financing institution with target to the low-end of the banking market”, the Bank of Namibia said in its statement. It is not clear what the central bank means by issuing this garbled statement.
The current shareholders are Swiss Micro-Finance HoldingS (SMH) with 35,98%, Belgian-based social investors Volksvermogen NV with 16,67%, the  German Development Bank with 24,9% and French Financiers I&P with 22,45%. Swiss Micro-Finance is also the holding company for Fides.