The Bank of Namibia (BoN), Namibia’s central bank, recently granted a permanent banking license to FIDES Bank Namibia, a microfinance institution (MFI). According to a BoN press release, this entitles FIDES Bank Namibia to “engage in formal or informal banking activities with any person in Namibia, especially soliciting public deposits” [1].
Financial Systems Development Services (FIDES) is an international organization based in Switzerland that was established to create access to financial services for microentrepreneurs. Its efforts in Namibia were first recognized by BoN on August 4, 2009, when the Namibian MFI operated by FIDES, FIDES Bank Namibia, was granted a provisional banking license from BoN. After being granted the provisional license, FIDES Bank Namibia opened with an initial capital of NAD 15 million (the equivalent of USD 2 million) [2].
About Financial Systems Development Services (FIDES):
Financial Systems Development Services (FIDES) is a joint stock company headquartered in Fribourg, Switzerland, that was founded in 1996. FIDES has set up eight microfinance institutions (MFIs) in India and countries in Africa and Eastern Europe, and provides consultation services to other MFIs [3]. FIDES does not report data to the Microfinance Information Exchange (MIX).
By Eric McKay, Research Assistant
Bibliography:
[1] Press Release. “Bank of Namibia Issues Permanent License to FIDES Bank Namibia Limited”. http://www.bon.com.na/docs/spr/Microsoft%20Word%20-%20Permanent%20license%20granted%20to%20FIDES%20Bank.pdf
[2] Press Release. “The Prospective FIDES Bank Namibia LTD Receives the Provisional Banking License from Bank of Namibia”. http://www.fidesgroup.org/docs/Pressrelease_FIDES_Namibia.pdf
[3] FIDES. http://www.fidesgroup.org/fidesabout.html
Additional Links:
MicroCapital Universe: FIDES. https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=FIDES
Similar Posts:
- SPECIAL REPORT: Digitizing Microfinance to Meet Customer Needs via an Incremental Approach #EMW2023
- MICROCAPITAL BRIEF: AfDB Seeking $1b for African Climate Risk Insurance Facility (ACRIFA) to Boost Microinsurance for Farms, Livestock Against Drought, Floods
- MICROCAPITAL BRIEF: Whole Planet Foundation Offering Interest-free Wholesale Funding for Microfinance in Latin America, Caribbean
- MICROCAPITAL BRIEF: Bankingly, Woodcore Partner to Help FSPs in Africa to Offer Digital Financial Services
- MICROFINANCE EVENT: 25th MFC Annual Conference: Thriving Together; May 24-25, 2023; Budva, Montenegro