New bank on the market soon

31 Jul 2013 10:50
By Etuna Shikalepo
WINDHOEK, 31 JUL (NAMPA) - The Bank of Namibia (BoN) has issued a provisional licence to e-Bank Limited, which is being established by local company Pointbreak.
The provisional licence allows e-Bank to set up their operations as from Thursday, 01 August, and is valid for six months.
The chairperson of e-Bank Limited, Monica Kalondo told Nampa that the new-generation banking model will facilitate economic inclusion for the broader Namibian public.
“With economic inclusion, we do not simply mean the enablement of transactional banking, but the full inclusion of citizens in all elements of economic activity. This specifically includes access to transactional banking, access to savings’ mechanisms, access to insurance, access to loans and access to consumer education,” she explained.
Kalondo said the three main inhibitors to economic inclusion or access to financial instruments remain physical accessibility, financial accessibility and emotional accessibility.
Cognisant of these challenges, e-Bank will bring an inclusive financial services’ offering to the Namibian market in order to make banking as accessible as mobile communications.
The new bank is being established by Pointbreak, a Namibian investment and wealth management company, in association with banking solutions provider TYME, which also operates the MTN Mobile Money retail bank offering in neighbouring South Africa.
Meanwhile, in a media statement issued on Wednesday, the BoN's Director for Strategic Communications and Financial Sector Development, Ndangi Katoma said e-Bank Limited was provided authorisation under Section 11 of the Banking Institutions’ Act, 1998 (Act No. 2 of 1998 as amended).
He said during the provisional licence period, “e-Bank Limited may not in any way engage in any formal or informal banking business with any customers, especially soliciting of public deposits, until a certificate of authorisation to commence banking business is issued by the Bank of Namibia”.
“The Bank of Namibia wishes e-Bank Limited success on their future endeavours within the Namibian banking sector as a new entrant,” Katoma added.