Namibia tightens bank board rules to curb foreign dominance in financial sector

• Foreign nationals require skills gap proof
• Banking sector foreign ownership averages 64%

WINDHOEK, NAMIBIA – Namibia has introduced new regulations restricting the appointment of foreign nationals to senior roles in banks, in a move aimed at deepening local participation in the financial sector.

In line with the Banking Institutions Act of 2023, Finance Minister Ericah Shafudah published regulations in the government gazette on 13 February setting new requirements on the citizenship and residency of board members and executive officers in banking and microfinance institutions, as well as their controlling companies.