Namibia’s leading banks have been left largely undamaged by the country’s recession, remaining profitable and embracing digitalisation. This comes despite a rise in non-performing loans (NPLs), as small business clients continue to endure tough economic conditions.
The southern African country has eight licensed commercial banks, with four large conglomerates – First National Bank (FNB), Standard Bank, Nedbank, and Bank Windhoek – holding about 98% of total bank assets, according to figures from the International Monetary Fund (IMF). Of these four, only Bank Windhoek is predominantly owned by local shareholders, with FNB, Standard Bank and Nedbank all having close ownership and funding links to South Africa.
