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Trustco Bank Namibia

Trustco Bank Namibia Ltd., formerly the FIDES Bank Namibia, was a commercial bank in Namibia owned by Trustco Group Holdings. Its main commercial activity was to provide microfinancing services.

History

The bank was built after a pilot project called Koshi Yomuti ELO.[2][3] This project developed microfinance activities from 2002 to 2010,[4][5] targeting specifically rural population seeking to develop income generation activities. This project initially started in Ohangwena Region and moved to Ondangwa in 2005, Oshakati in 2006 and Outapi in 2007.

Upon creation of the bank, then operating as FIDES Bank Namibia, the portfolio of loan was transferred to the new institution, which developed from then on an MSME portfolio as well.[6]

The bank received its provisional banking license on 4 August 2009.[7][8] and its permanent license on 1 February 2010.[9][10]

Trustco Bank Namibia Limited was dissolved in 2024, after several regulatory and financial setbacks[11] led parent company Trustco Group Holdings to exit its commercial banking investment in Namibia. The bank returned its banking license to the Bank of Namibia for immediate cancellation.[12]

Activity

The institution had its headquarters located in Ongwediva in Oshana Region (North-Central part of Namibia). It was one of five commercial banks in 2009[13] licensed to operate in the country by the Bank of Namibia (the national banking regulator)[14][15] and the first microfinance bank created in the country since independence.[16]

Trustco Bank Namibia was active in two banking segments:[10] At the end of 2012, FIDES Bank Namibia had a client base of approximately 11,000 people and little above 650 microfinance groups, borrowing on average 216 euros.[20]

  • income generation activities financing (microfinance): this activity aimed at proposing savings and loans products to a clientele mainly located in rural areas of the country.[17] The development of this activity was based on a group methodology[18] and dealt with populations almost exclusively excluded from the formal Namibian banking system.[19]
  • Micro, small and medium-size enterprises financing: this activity targeted semi-formalised and formalised businesses, usually not approached by traditional banks.[19]

Geographical Presence and Branch Network

In October 2012, FIDES Bank Namibia was present in the four 'O' regions of Northern-Central Namibia (Ohangwena, Omusati, Oshana and Oshikoto). It had a network of 4 branches located in Ondangwa, Oshakati, Oshikango and Outapi. The first branch was opened in Oshakati in April 2010.[21][22] A new branch was about to open in the Khomas region, in Katutura.[23]

Ownership

FIDES Bank Namibia was owned at the time of its inception by four shareholders:

In 2014 the bank was acquired by Trustco Group Holdings and renamed to Trustco Bank Namibia, Ltd.[27]

  • Swiss Microfinance Holding (30.05%);[19]
  • German Development Bank KfW (24.90%);[24]
  • Investisseurs et Partenaires pour le développement from France (22.45%); and
  • the Belgium-based fund Volksvermogen NV (12.60%);[25][26]
  • the French cooperative bank Crédit Coopératif (10.00% - since late 2011).[20]

See also

External links

References

  1. Certificate of Authorization to Conduct Banking Business No. BIC 006, issued in Windhoek by the Bank of Namibia^
  2. Tonderai Katswara. Micro-finance improves lives of rural people The Namibian, 25 October 2006^
  3. Fred Goeieman. Vrede vestig die grondslag vir groei, sê kenner Die Republikein, 17 August 2007^
  4. Da'oud Vries. Germany gives seed capital for Namibia's first micro-finance banking institution The Namibian, 22 September 2008^
  5. Ruhan Bothma. Miljoene dollar se hulp vir entrepreneurs Die Republikein, 23 September 2008^
  6. Thorsten Geutling. Germany Bankrolls Micro Finance Bank for the North Informanté, 6 September 2008^
  7. Niël Terblanché. BON staan banklisensie aan mikrolener toe Die Republikein, 6 August 2009^
  8. First micro finance bank gets licence Namibia Economist, 7 August 2009^
  9. Desie Heita. Bank for poor opens its doors New Era, 4 February 2010^
  10. Roman Pletter, Kristina Maroldt. Business on Credit May 2010^
  11. Trustco Bank Namibia Suspension bon.com.na, 18 August 2023, retrieved 28 September 2025^
  12. Michel Haoses. Trustco Bank transfers 20% of remaining unclaimed deposits to the Guardian Fund Namibia Economist, 4 March 2025^
  13. Desie Heita. Big four banks not scared of competition New Era, 1 September 2009^
  14. Desie Heita. Micro Finance Banking Sparks Need for Regulation New Era, 4 August 2009^
  15. Sukaynah Alkatib. Lifeline for the Insight Namibia, September 2009^
  16. Marco Mach. Mikrofinanzbank erhält Lizenz Allgemeine Zeitung, 5 August 2009^
  17. Daniela Meyer. Victorias Bankgeheimnis €uro, December 2011^
  18. Grameen Model Launched in Namibia Business Post, 1 February 2010^
  19. FIDES Bank Namibia Financial Services Namibia 2011-2012, June 2011 – June 2012^
  20. Incofin. Volksvermogen contributes to a capital increase in FIDES Bank Namibia to support its further growth 5 September 2012, retrieved 21 September 2012^
  21. Oshakati-kantoor. FIDES bank open tak op Oshakati Die Republikein, 30 April 2010^
  22. FIDES Bank Namibia Limited opened its doors to the public NBC News, 2010-04-29, retrieved 2011-04-15^
  23. Willian J. Mbangula. Fides Bank to open Katutura branch Informanté, 26 July 2012^
  24. Ndapwa Alweendo. German investor in micro-finance bank has no plans to stick around long The Namibian, 4 August 2009^
  25. MIX-Market. Profile MIX-Market de Koshi Yomuti retrieved 29 October 2010^
  26. "The Prospective FIDES Bank Namibia Ltd receives the provisional Banking License From Bank of Namibia", press release, 4 August 2009^
  27. Trustco granted approval to acquire Fides Bank The Namibian, 22 August 2014^