Regulatory Alerts2026-02-13
Added · Updated
Regulations on Citizenship and Residence of Directors and Executive Officers of Banking Institutions
Banking institutions, microfinance banking institutions, and controlling companies must ensure that at least 70 percent of their board of directors and executive officers are Namibians, with the chairperson, principal officer, and chief financial officer positions reserved exclusively for Namibians. Foreign nationals may only be appointed if the institution demonstrates a lack of qualified local candidates by submitting a recruitment report to the Bank of Namibia at least 30 days prior to the proposed appointment. Executive officers are required to reside in Namibia, while board members may reside either locally or abroad. Non-compliance constitutes an offence punishable by a fine of up to N$100,000 or imprisonment for up to three years.