BoN Issues Banking Licence to Ebank

THE central bank has issued a banking licence to EBank. This was confirmed by both the Bank of Namibia and EBank on Friday.

EBank was founded by Pointbreak Namibia, a Namibian investment and wealth management company, and TYME Capital, a banking technology provider to MTN.

EBank said the licence was issued on Wednesday last week. “We are pleased to confirm that on 28 May, the Bank of Namibia issued a banking licence to EBank Limited in accordance with section 11 of the Banking Institutions Act, 1998, as amended. This announcement confirms the successful completion of a rigorous process of banking compliance review and systems evaluation,” EBank announced in a statement.

According to EBank’s chairperson, Monica Kalondo, EBank aims to ensure real economic enablement for all Namibians through the provision of inclusive banking services.

“We plan to offer our clients relevant and affordable banking solutions that are accessible anywhere and anytime in an easy, safe and smart way. Through EBank’s entry into the market we hope to positively contribute to the Namibian banking and broader financial services landscape,” said Kalondo.

She said applying various technological innovations and a unique distribution model, ‘EBank will introduce a truly inclusive, client focused banking model.’

“EBank holds as its primary objective the intention to overcome the physical, financial and emotional barriers that continue to limit access and full utilisation of banking services by many Namibians,” said Kalondo.

She said Ebank believes that its banking model will challenge established norms through the utilisation of cutting edge technology and communication.

“We will not settle for the ordinary and believe that EBank will be a catalyst in revolutionising the banking sector for the benefit of all Namibians. The issuing of this licence is a key requisite to our next set of critical milestones. We can now focus our attention on concluding EBank’s integration into Namclear (banking industry clearing house) and other key strategic partnerships that will enable us to deliver a consumer relevant range of banking solutions,” said Kalondo.

Kalondo said the bank will be formally launched this year.

The central bank said in a statement on Friday that Ebank is ‘is now permitted to engage in banking activities with any person in Namibia, especially soliciting deposits from the general public.’

Source : The Namibian