Trustco Bank Namibia limited, formerly the FIDES Bank Namibia, is a commercial bank in Namibia owned by Trustco Group Holdings [de]. Its main commercial activity is to provide microfinancing services.

Trustco Bank Namibia limited
Company typePrivate
PredecessorFIDES Bank Namibia
Founded1 February 2010[1]
Number of locations
4 branches (2012)
Area served
Namibia (Ohangwena, Omusati, Oshana and Oshikoto)
SME finance
OwnerTrustco Group Holdings [de]
Number of employees
135 (2012)
DivisionsMicrofinance operations
MSME operations
WebsiteTrustco – Banking and Finance



The bank was built after a pilot project called Koshi Yomuti ELO.[2][3] This project developed microfinance activities from 2002 to 2010,[4][5] targeting specifically rural population seeking to develop income generation activities. This project initially started in Ohangwena Region and moved to Ondangwa in 2005, Oshakati in 2006 and Outapi in 2007.

Upon creation of the bank, then operating as FIDES Bank Namibia, the portfolio of loan was transferred to the new institution, which developed from then on an MSME portfolio as well.[6]

The bank received its provisional banking license on 4 August 2009.[7][8] and its permanent license on 1 February 2010.[9][10]



The institution has its headquarters located in Ongwediva in Oshana Region (North-Central part of Namibia). It was one of five commercial banks in 2009[11] licensed to operate in the country by the Bank of Namibia (the national banking regulator)[12][13] and the first microfinance bank created in the country since independence.[14]

Trustco Bank Namibia is active in two banking segments:[10]

  • income generation activities financing (microfinance): this activity aims at proposing savings and loans products to a clientele mainly located in rural areas of the country.[15] The development of this activity is based on a group methodology[16] and deals with populations almost exclusively excluded from the formal Namibian banking system.[17]
  • Micro, small and medium-size enterprises financing: this activity targets semi-formalized and formalized businesses, usually not approached by traditional banks.[17]

At the end of 2012, FIDES Bank Namibia had a client base of approximately 11,000 people and little above 650 microfinance groups, borrowing on average 216 euros.[18]

Geographical Presence and Branch Network


As of October 2012, FIDES Bank Namibia is present in the four 'O' regions of Northern-Central Namibia (Ohangwena, Omusati, Oshana and Oshikoto). It has a network of 4 branches located in Ondangwa, Oshakati, Oshikango and Outapi. The first branch was opened in Oshakati in April 2010.[19][20] A new branch is about to open in the Khomas region, in Katutura.[21]



FIDES Bank Namibia was owned at the time of its inception by four shareholders:

In 2014 the bank was acquired by Trustco Group Holdings and renamed to Trustco Bank Namibia, Ltd.[25]

See also



  1. ^ Certificate of Authorization to Conduct Banking Business No. BIC 006, issued in Windhoek by the Bank of Namibia
  2. ^ Katswara, Tonderai (25 October 2006). "Micro-finance improves lives of rural people". The Namibian.
  3. ^ Goeieman, Fred (17 August 2007). "Vrede vestig die grondslag vir groei, sê kenner". Die Republikein (in Afrikaans).
  4. ^ Vries, Da'oud (22 September 2008). "Germany gives seed capital for Namibia's first micro-finance banking institution". The Namibian.
  5. ^ Bothma, Ruhan (23 September 2008). "Miljoene dollar se hulp vir entrepreneurs". Die Republikein (in Afrikaans).
  6. ^ Geutling, Thorsten (6 September 2008). "Germany Bankrolls Micro Finance Bank for the North". Informanté.
  7. ^ Terblanché, Niël (6 August 2009). "BON staan banklisensie aan mikrolener toe" [BoN grants bank license to microlender]. Die Republikein (in Afrikaans).
  8. ^ "First micro finance bank gets licence". Namibia Economist. 7 August 2009.
  9. ^ Heita, Desie (4 February 2010). "Bank for poor opens its doors". New Era.
  10. ^ a b Pletter, Roman; Maroldt, Kristina (May 2010). "Business on Credit". {{cite journal}}: Cite journal requires |journal= (help)
  11. ^ Heita, Desie (1 September 2009). "Big four banks not scared of competition". New Era.
  12. ^ Heita, Desie (4 August 2009). "Micro Finance Banking Sparks Need for Regulation". New Era.
  13. ^ Alkatib, Sukaynah (September 2009). "Lifeline for the". Insight Namibia.
  14. ^ Mach, Marco (5 August 2009). "Mikrofinanzbank erhält Lizenz". Allgemeine Zeitung (in German).
  15. ^ Meyer, Daniela (December 2011). "Victorias Bankgeheimnis". €uro (in German).
  16. ^ "Grameen Model Launched in Namibia". Business Post. 1 February 2010.
  17. ^ a b c "FIDES Bank Namibia". Financial Services Namibia 2011-2012. June 2011 – June 2012.
  18. ^ a b Incofin (5 September 2012). "Volksvermogen contributes to a capital increase in FIDES Bank Namibia to support its further growth". Archived from the original on 6 January 2014. Retrieved 21 September 2012.
  19. ^ Oshakati-kantoor (30 April 2010). "FIDES bank open tak op Oshakati". Die Republikein (in Afrikaans).
  20. ^ "FIDES Bank Namibia Limited opened its doors to the public". NBC News. 29 April 2010. Retrieved 15 April 2011.[permanent dead link]
  21. ^ Mbangula, Willian J. (26 July 2012). "Fides Bank to open Katutura branch". Informanté.
  22. ^ Alweendo, Ndapwa (4 August 2009). "German investor in micro-finance bank has no plans to stick around long". The Namibian.
  23. ^ MIX-Market. "Profile MIX-Market de Koshi Yomuti". Retrieved 29 October 2010.
  24. ^ "The Prospective FIDES Bank Namibia Ltd receives the provisional Banking License From Bank of Namibia", press release, 4 August 2009
  25. ^ "Trustco granted approval to acquire Fides Bank". The Namibian. 22 August 2014.