Trustco Bank Namibia

Trustco Bank Namibia Ltd.Type| Private

|

Industry| Banking
Genre| Microfinance
Fate| Dissolution
Predecessor| FIDES Bank Namibia
Founded| 1 February 2010[1]
Defunct| 3 March 2025
Headquarters|

Ongwediva

Namibia

Number of locations

| 4 branches (2012)

Area served

| Namibia (Ohangwena, Omusati, Oshana and Oshikoto)
Services| Microfinance
SME finance
Owner| Trustco Group Holdings (de)

Number of employees

| 135 (2012)
Divisions| Microfinance operations
MSME operations
Website| Trustco – Banking and Finance

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

## Contents

* 1 History
* 1.1 Activity
* 1.2 Geographical Presence and Branch Network
* 2 Ownership
* 3 See also
* 4 External links
* 5 References

## 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]

* 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]

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]

### 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:

* 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]

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

## See also

* Bank of Namibia
* Economy of Namibia
* List of banks in Namibia
* Microcredit

## External links

* Official website

## References

1. ↑ Certificate of Authorization to Conduct Banking Business No. BIC 006, issued in Windhoek by the Bank of Namibia
2. ↑ Katswara, Tonderai (25 October 2006). "Micro-finance improves lives of rural people". The Namibian.
3. ↑ Goeieman, Fred (17 August 2007). "Vrede vestig die grondslag vir groei, sê kenner" (in af). Die Republikein.
4. ↑ Vries, Da'oud (22 September 2008). "Germany gives seed capital for Namibia's first micro-finance banking institution". The Namibian.
5. ↑ Bothma, Ruhan (23 September 2008). "Miljoene dollar se hulp vir entrepreneurs" (in af). Die Republikein.
6. ↑ Geutling, Thorsten (6 September 2008). "Germany Bankrolls Micro Finance Bank for the North". Informanté.
7. ↑ Terblanché, Niël (6 August 2009). "BON staan banklisensie aan mikrolener toe" (in af). Die Republikein.
8. ↑ "First micro finance bank gets licence". Namibia Economist. 7 August 2009.
9. ↑ Heita, Desie (4 February 2010). "Bank for poor opens its doors". New Era.
10. ↑ 10.0 10.1 Pletter, Roman; Maroldt, Kristina (May 2010), Business on Credit
11. ↑ "Trustco Bank Namibia Suspension". 18 August 2023. https://www.bon.com.na/Informations/Media/Media-Releases/2023-Media-Releases/Articles/Media-Release-Trustco-Bank-Namibia-Suspension.aspx.
12. ↑ Haoses, Michel (4 March 2025). "Trustco Bank transfers 20% of remaining unclaimed deposits to the Guardian Fund". Namibia Economist. https://economist.com.na/95757/retail/trustco-bank-transfers-20-of-remaining-unclaimed-deposits-to-the-guardian-fund/.
13. ↑ Heita, Desie (1 September 2009). "Big four banks not scared of competition". New Era.
14. ↑ Heita, Desie (4 August 2009). "Micro Finance Banking Sparks Need for Regulation". New Era.
15. ↑ Alkatib, Sukaynah (September 2009). "Lifeline for the". Insight Namibia.
16. ↑ Mach, Marco (5 August 2009). "Mikrofinanzbank erhält Lizenz" (in de). Allgemeine Zeitung.
17. ↑ Meyer, Daniela (December 2011). "Victorias Bankgeheimnis" (in de). €uro.
18. ↑ "Grameen Model Launched in Namibia". Business Post. 1 February 2010.
19. ↑ 19.0 19.1 19.2 "FIDES Bank Namibia". Financial Services Namibia 2011-2012. June 2011 – June 2012.
20. ↑ 20.0 20.1 Incofin (5 September 2012). "Volksvermogen contributes to a capital increase in FIDES Bank Namibia to support its further growth". http://www.incofin.com/en/news/volksvermogen-contributes-capital-increase-fides-bank-namibia-support-its-further-growth.
21. ↑ Oshakati-kantoor (30 April 2010). "FIDES bank open tak op Oshakati" (in af). Die Republikein.
22. ↑ "FIDES Bank Namibia Limited opened its doors to the public". NBC News. 2010-04-29. http://www.nbc.com.na/article.php?title=FIDES_Bank_Namibia_Limited_opened_its_doors_to_the_public._&id=1738.
23. ↑ Mbangula, Willian J. (26 July 2012). "Fides Bank to open Katutura branch". Informanté.
24. ↑ Alweendo, Ndapwa (4 August 2009). "German investor in micro-finance bank has no plans to stick around long". The Namibian.
25. ↑ MIX-Market. "Profile MIX-Market de Koshi Yomuti". http://www.mixmarket.org/mfi/koshi-yomuti.
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. https://www.namibian.com.na/index.php?id=127147&page=archive-read.

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