Trustco left with five months to refund depositors

Trustco Namibia has until 28 February 2025 to refund depositors following the closure of its banking operations in August.

This is after the Bank of Namibia on Friday formally gazetted the cancellation of Trustco Bank Namibia’s operations.

According to Bank of Namibia deputy governor Leonie Dunn, Trustco has to repay all money due to depositors, including any interest or any other amounts.

“All monies not claimed and paid to depositors by 28 February 2025, are to be paid to the Guardian Fund by no later than seven days after the aforementioned date,” Uanguta says.

The central bank cancelled the banking licence of Trustco Bank Namibia effective from 30 August this year, citing the bank’s insolvency, its liabilities exceeding its assets, and that it is also unable to pay its debts.

Truscto’s banking portfolio accounted for less than 1% of its total investments.

Trustco was also ordered to change its name to remove any reference to the word ‘bank’ and amend its memorandum and articles of association to consequently reflect the cancellation of its authorisation to conduct banking business.

Trustco has to do so on or before 30 November 2024, or within such a period as determined by the Business and Intellectual Property Authority.

The company returned its banking licence to the central bank on 22 August.

Trustco chairman Quinton van Rooyen at the time said they made the decision to exit from investing in deposit-taking institutions in Namibia.

“Our focus is now shifting towards non-deposit taking financial services, where we see tremendous growth potential,” Van Rooyen said.