Namibia plays huge role in southern African trade

Namibia holds a strategic pathway to trade integration and expansion from an African perspective.

This is according to Access Bank Namibia’s project head, Oluseun Onasoga, speaking on the Nigerian multinational commercial bank moving operations to Namibia.

Onasoga says Namibia is surrounded by various countries, which shows that significant cooperation exists in the southern African region.

“When we look at expanding to Namibia, it is not only within the current structure of southern-to-southern, but between the southern markets to the eastern markets, and southern markets to the western markets.

“Significant opportunities exist from a trade perspective that cannot coexist,” the project head says.

He says Namibia has influence in the southern region and can do better.

He says Access Bank also plans to do businesses in other mutual markets.

Onasoga says Namibia currently runs significant markets, such as fishery and mining, which can be exported within Africa.

“Namibia has a significant maritime sector that is very strategic and has an uptime compared to other markets. That then gives us the opportunity that from Namibia you can become the maritime hub within the southern region – even if you extend it to the eastern region.”

He says the bank will not only provide finance but also capacity development, networking, and preparing small and medium enterprises (SMEs) for the next level of business.

“We can begin to empower the SMEs to be well integrated with the 60 million unique customers we have. Access Bank has 60 million unique customers consolidated in all the markets it operates in.

“That gives SMEs more capacity to do business within that 60-million process. It is also about access to opportunities,” he says.

Onasoga says the bank can connect the community, and the business and retail community to mutual markets and more opportunities.

The Bank of Namibia (BoN) has provisionally authorised Access Bank to conduct banking operations in the country.

In a statement issued by the central bank a fortnight ago, spokesperson Kazembire Zemburuka said this is valid for six months, and will allow Access Bank to meet all requirements before starting to operate in the country.

He said if Access Bank Namibia successfully meets requirements within this time frame or earlier, BoN may issue a certificate of authorisation to allow it to officially commence with banking operations.