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Bank of Namibia

Legal Frameworks

Summary

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Legal Frameworks

The Banking Institutions Act, 2023 (Act No. 13 of 2023) is an Act of Parliament that governs banking institutions in Namibia. This Act repeals the Banking Institutions Act, 1998 (Act 2 of 1998) and the Banking Institutions Act, 2010 (Act 14 of 2010), and came into effect on 8 August 2023 as per Government Notice No. 250 published in the Government Notice No.: No. 8171.

The amendments were necessary in order to:

  • Consolidate and amend the laws relating to banking institutions, microfinance banking institutions and controlling companies;
  • Provide for the authorisation of a person to conduct business as a banking institution or microfinance banking institution; to provide for the registration of controlling companies in respect of authorised banking institutions or microfinance banking institutions; to authorise foreign banking institutions to open branches in Namibia;
  • Provide for regulation of the ownership and shareholding of banking institutions, microfinance banking institutions and controlling companies; to provide for recovery plans and prudential requirements for banking institutions, microfinance banking institutions and controlling companies;
  • Provide for consolidated supervision of banking institutions, microfinance banking institutions and controlling companies; to protect the interests of persons making deposits with banking institutions and microfinance banking institutions;
  • Provide for the resolution of failing institutions and winding-up, judicial management and cancellation of authorisations; to prohibit and criminalise illegal financial schemes; establish an Appeal Board to hear and determine appeals against certain decisions of the Bank;
  • Repeal the Banking Institutions Act, 1998; and to provide for incidental matters
 Bylaws issued under the Banking Institutions Act 1998 (as amended)

Bylaws issued under the Banking Institutions Act, 1998 as amended include the following:

Circulars and Guidelines

Circulars and Guidelines are notices issued by the Bank of Namibia for the purpose of promoting sound and prudential banking practices, in line with the Banking Institutions Act, 1998 (Act No.2 of 1998) as amended. Circulars and Guidelines are delivered by the Bank of Namibia to the Principal Officers of the banking institutions. Circulars and Guidelines are not published in the Government Gazette.

Click here to access Circulars and Guidelines 
Determinations

Determinations are Gazette notices issued by the Bank of Namibia on matters required or permitted by the Banking Institutions Act, 1998 (Act No.2 of 1998, as amended). Determinations address issues that are considered necessary and expedient to determine the prudent conduct of banking business and consistency with the best standards and sound financial management.

Click here to access Determinations
Regulations

Regulations are Gazette notices issued by the Minister of Finance on recommendation by the Bank of Namibia on any matter required or permitted by the Banking Institutions Act, 1998 (Act No.2 of 1998, as amended).

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Other Bylaws

Other by-laws are secondary laws issued by the Bank of Namibia, in line with the Banking Institutions Act, 1998 (Act No.2 of 1998, as amended), to ensure that banking business is conducted soundly and prudently, remains resilient to any kind of shock, and adheres to the best standards and practices of corporate governance. Examples of other by-laws issued by the Bank of Namibia are guidelines and public Gazette notices.

Click here to access Circulars
By laws issued under Bank of Namibia Act

The Directive on Minimum Reserve Requirement was issued under the Bank of Namibia Act of 1997 and the Bank of Namibia Act of 2004 (collectively known as the Bank of Namibia Act 1997, as amended).

Click here to access the Directive & the Act
Registration Of Building Societies

The Bank is empowered by the Building Societies Act, 1986 (Act 2 of 1986) as amended to regulate and supervise building societies. Any person who intends to register a building society must apply for authorisation in terms of section 4 of the Buidling Societies Act, 1986 (Act 2 of 1986) as amended.

Click here to access the Buidling Societies Act
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