WINDHOEK, April 27– Namibia launched the Deposit Guarantee Authority on Thursday aimed at providing protection to depositors against the loss of their deposits by providing compensation in an unlikely event of a commercial bank failure, Bank of Namibia said in a statement.
According to the authority head Emma Haihambo, this contributes to consumer protection while enhancing financial stability.
“The existence of the Deposit Guarantee Scheme ensures that depositors have access to all or part of their funds in the event of a bank failure. It also guards against panic withdrawals by assuring depositors of the safety of their deposits even in the event of a bank failure, thereby reducing the likelihood and scale of a financial systemic crisis,” Haihambo said.
She said that all banking institutions registered in Namibia as well as branches of foreign banks and building societies are required to be members of the Deposit Guarantee Scheme.
“The scheme has a guarantee coverage limit currently set at 25,000 Namibian dollars (about 1,750 U.S. dollars) which covers 90 percent of the current depositors,” she said. Xinhua
Namibia launches deposit guarantee authority.
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