Namibia

FIDES BANK Namibia is a microfinance institution (MFI) in Namibia which has started its operations in early 2010. It is the only true MFI in the country.

The bank has taken over the activities of a microfinance program developed on a small scale since 2005. FIDES, as a microfinance operator, has specific expertise in the startup and management of private microfinance institution involved in rural areas.

I&P is one of the founding shareholders of FIDES BANK Namibia, which has chosen to operate with a commercial bank status, becoming the fifth largest bank. Namibia displays a particularly harsh context to develop microfinance activities, especially in rural areas, due to the very low population density and high costs associated with the deployment of services. The bank started its activities in the Northern region of Namibia where population is moderately low which was completely unserved by financial and banking institutions.  

I&P Partnership

• Promoting the acquisition of a bank status: FIDES Bank Namibia has become the title for the country's fifth largest bank

• Actively participating in governance, including the audit committee of the institution

Impacts

• Enlarge the population who gets access to banking to the very low income individuals through a range of formal financial services (savings, secured credit, individual credit)

• 20.000 customers in 2012

• 50 high-qualified formal jobs created in an area harshly suffering from unemployement