Access Bank says it is eager to finance green hydrogen projects in Namibia and would aim to ensure businesses in the sector expand.
This comes amid the bank’s plans to set up shop in Namibia after having received provisional authorisation to conduct operations by the Bank of Namibia (BoN).
The bank’s project head for Namibia, Oluseun Onasoga, says with the continued expansion of green hydrogen businesses, they would in turn create “the wealth of Namibia”.
He says the bank has a partnership with the German government, called the ‘German desk’.
This partnership provides support for German businesses that operate in Africa.
Onasoga says the bank wants to see the expansion of green hydrogen talks, because it is committed to sustainability.
He says green hydrogen is a new sector and all new markets are prone to risks.
“And the risk to succeed or the risk to fail exists, regardless of whether it’s a new or existing market. You need to understand the bank’s risk profile. So Access Bank operates a risk-moderate appetite.
“We understand that a licence to operate and do banking and to lend is a privilege, not a right. So, we consistently safeguard that privilege,” Onasoga says.
THE OIL SECTOR
He says the bank finds any new discovery or new economy exciting.
“Oil and gas is a sector we’ve already operated across both Nigeria and other markets, and this is a market we’re also very fast in.
“Today, Namibia’s conversation is about exploration, but there is also the midstream sector and a downstream sector. The questions, the opportunities are endless,” he says.
Onasoga says such industries provide opportunities for partnerships across mutual markets.
“The fact that we operate in multiple mutual markets allows us to bring those investments or individuals into the country to provide it,” he says.
Access Bank’s authorisation is valid for six months to allow it to meet all requirements before starting operations in the country.
BoN spokesperson Kazembire Zemburuka says during the six months, Access Bank is not allowed to conduct banking business with any individual or entity in Namibia.
He says if Access Bank Namibia successfully meets these requirements within the six-month time frame or earlier, the BoN may issue a certificate of authorisation.
“The banking institution is prohibited from soliciting deposits or engaging in other banking activities until it receives its final certificate of authorisation,” Zemburuka says.
Stay informed with The Namibian – your source for credible journalism. Get in-depth reporting and opinions for
only N$85 a month. Invest in journalism, invest in democracy –
Subscribe Now!
