Question 1

What is Bank BIC Namibia?

Accepted Answer

Bank BIC Namibia is a commercial bank operating in Namibia and licensed by the Bank of Namibia, the country's central bank and national banking regulator. The bank is a wholly-owned subsidiary of the Bank BIC Group, a financial services conglomerate headquartered in Angola with banking operations across Africa and Europe.

As a traditional commercial bank, Bank BIC Namibia serves individuals, small and medium-sized enterprises (SMEs), large corporations, and non-governmental organizations. The bank operates with a focus on retail and corporate banking services, including transactional banking, lending, trade finance, and foreign exchange services.

Question 2

When was Bank BIC Namibia founded?

Accepted Answer

Bank BIC Namibia Limited was incorporated on July 13, 2015, under registration number 2015/0682, in compliance with section 180 of the Companies Act, 2004. The bank received its full commercial banking license from the Bank of Namibia in July 2015.

After completing regulatory requirements and operational preparations, Bank BIC Namibia officially opened for business on June 20, 2016, with its first branch at the headquarters building in Ausspannplatz, Windhoek. The establishment of Bank BIC Namibia represented the Bank BIC Group's strategic expansion into the Namibian market, building on the success of its parent organization, which was founded in Angola in 2005.

Question 3

Where is Bank BIC Namibia headquartered?

Accepted Answer

Bank BIC Namibia's headquarters is located at Dr. Agostinho Neto Road, Unit 6 & 5, Ausspann Plaza, Ausspannplatz, Windhoek. The head office is situated in the central business district of Namibia's capital city and serves as both the main branch and administrative center for the bank's operations.

Question 4

Where does Bank BIC Namibia operate?

Accepted Answer

Bank BIC Namibia operates across multiple regions in Namibia through a network of branches strategically located in key economic centers. As of 2020, the bank maintains five branches:

Windhoek Region: The bank operates two branches in the capital, including the Head Office at Ausspann Plaza and the Prosperita Branch located on Gold Street in the Prosperita Industrial Area.

Coastal Region: The Walvis Bay Branch is located on 12th Road, serving the important Atlantic Ocean coastal city and port.

Northern Regions: Bank BIC Namibia expanded northward with the Rundu Branch at Eugene Kakukuru Street, Shop GF029, Rundu Mall, and the Ongwediva Branch at Unit 123, Oshana Mall, which opened on June 20, 2020.

Question 5

What services does Bank BIC Namibia offer?

Accepted Answer

Bank BIC Namibia provides a comprehensive range of commercial and retail banking services designed to meet the needs of both individual and business clients:

Deposit Services: Savings accounts, current accounts, and transactional banking services for retail and corporate customers.

Lending Products: Personal loans, commercial loans, residential mortgages, commercial property finance, asset-based financing, and auto finance solutions.

Trade Finance: International trade finance services supporting import and export activities, facilitating economic relations between Namibia, Angola, and Portugal.

Foreign Exchange: Currency exchange services and foreign exchange transactions for both personal and business needs.

Card Services: The bank introduced the BIC Express Debit Card in 2019 for domestic transactions at point-of-sale devices and ATMs across Namibia. In 2021, Bank BIC Namibia launched VISA-accredited international debit cards, enabling customers to conduct transactions globally.

Digital Banking: The BICNet Mobile App was launched in 2020, providing customers with mobile banking capabilities. The bank also introduced wireless and contactless POS machines in 2021, modernizing payment processing for merchants.

Question 6

What makes Bank BIC Namibia unique?

Accepted Answer

Bank BIC Namibia distinguishes itself through several key characteristics:

International Network: As part of the Bank BIC Group, the bank provides customers with access to an international banking network spanning Angola, Portugal, Cape Verde, and South Africa (representation office). This connectivity is particularly valuable for businesses engaged in cross-border trade and investment.

Rapid Growth and Expansion: Since opening in 2016, the bank has demonstrated consistent growth, expanding from one branch to five locations across strategic regions of Namibia. The bank grew its loan portfolio to N$193 million by 2018 and steadily increased its customer base.

Focus on Economic Development: Bank BIC Namibia actively positions itself as a partner in Namibia's economic development, with a mission to grow sustainably while contributing to the country's progress. The bank's slogan, "Growing Together," reflects its commitment to mutual growth with its customers and communities.

Progressive Digital Innovation: Despite being a relatively young institution, Bank BIC Namibia has prioritized digital transformation, introducing mobile banking, contactless payment solutions, and modern card products within its first five years of operation.

Question 7

What type of financial institution is Bank BIC Namibia?

Accepted Answer

Bank BIC Namibia Limited is a commercial bank licensed and regulated by the Bank of Namibia under the Banking Institutions Act. Commercial banks in Namibia are authorized to provide a full range of banking services to individuals and businesses, including deposit-taking, lending, and transactional banking.

The bank operates as both a retail and corporate banking institution, serving a diverse client base that includes individual consumers, SMEs, large corporations, and non-governmental organizations. As one of seven licensed commercial banks operating in Namibia, Bank BIC Namibia competes alongside established institutions such as Bank Windhoek, First National Bank Namibia, Nedbank Namibia, and Standard Bank Namibia.

Bank BIC Namibia is classified as a traditional banking institution that provides in-person services through physical branches while also offering modern digital banking channels to meet evolving customer needs.

Question 8

Who owns Bank BIC Namibia?

Accepted Answer

Bank BIC Namibia Limited is a 100 percent subsidiary of Bank BIC Namibia Holdings Ltd, which is in turn owned by the Bank BIC Group. The Bank BIC Group is a financial services conglomerate headquartered in Luanda, Angola.

The Bank BIC Group was established in 2005 with the founding of Banco BIC S.A. in Angola, which became the fifth-largest bank in Angola with more than 220 branches across the country. The group expanded internationally in 2008 by establishing Banco BIC Português, S.A. in Portugal, which later rebranded as EuroBIC in 2017. Today, the group operates banking subsidiaries in Angola, Portugal, Cape Verde, and Namibia, along with a representative office in South Africa.

Bank BIC Namibia is governed by a five-person board of directors, with leadership including a chairman and vice-chairman from the parent organization, as well as executive management led by a Chief Executive Officer who oversees day-to-day operations in Namibia.

Bank BIC Namibia

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About Bank BIC Namibia in Namibia