Access Bank Namibia Gets Full Banking Licence from BoN

In Short

• Access Bank Namibia has received full banking authorisation from the Bank of Namibia, effective 2 October 2026.
• The approval allows it to accept deposits and provide banking services to the public.
• It moves the lender from provisional approval, first granted in October 2024, to a fully licensed bank.

What Happened

Access Bank Namibia received full banking authorisation from the Bank of Namibia on 2 October 2026. The central bank said it granted the licence under Section 13(2) of the Banking Institutions Act, 2023, after a comprehensive assessment.

In practical terms, the authorisation allows Access Bank Namibia to conduct “banking business”. That includes accepting deposits, like customer savings and business account balances, and providing banking services to the public.

This decision marks the end of the provisional phase. Access Bank Namibia had earlier received provisional authorisation in October 2024 to set up operations, and the provisional period was extended while it worked through outstanding requirements. Reports ahead of the final decision pointed to multiple extensions, with 10 August 2026 cited as a final deadline to meet the remaining conditions.

The move also gives Nigeria-based Access Bank a licensed presence in Namibia through its local subsidiary, expanding its footprint in Southern Africa.

Why It Matters

For customers and businesses, a full banking licence usually broadens what a new entrant can offer. Provisional approvals often limit the range of activities, while full authorisation enables normal account opening, deposit-taking, and a wider set of retail and corporate banking products.

For Namibia’s financial sector, it adds another competitor in a market that has been estimated at around N$200 billion in size. More competition can put pressure on pricing, service levels, and digital channels, especially for SMEs that rely on day-to-day banking, payments, and credit.

For Access Bank Plc, the licence is another step in building regulated, on-the-ground operations outside Nigeria, rather than serving markets only through correspondent banking relationships (partner banks that help move money across borders).