WINDHOEK – Standard Bank Namibia (SBN) last week on Thursday announced the N$300 million staff and community empowerment deal.
SBN announced the official transfer of an initial 10 percent shareholding allocation to staff and to a community trust, in line with regulatory requirements to increase local participation in the financial sector.
Capital for the self-funding empowerment transaction has been sourced through the participation of Namibian institutions.
The estimated value of the localisation programme is N$300 million.
The total shareholding of 10 percent will be divided between current SBN employees who are eligible for 8 percent, while the remaining 2 percent will be allocated to a community trust which will be established and managed by SBN, with special preference to education and health amongst vulnerable members of the communities.
Shares will be allocated to staff through a stringent application process, using criteria such as Namibian citizenship, previously disadvantaged status and SBN employment records.
Pindie Nyandoro, Standard Bank’s Regional Chief Executive for Southern and Central Africa said: “We are delighted that the process is officially in the implementation stage, demonstrating our commitment to the Namibian Financial Sector Charter and transformation in the banking sector.”
In 2010, SBN was a co-author and signatory to the Namibia Financial Sector Charter.
The charter provides a framework to advance localisation of the Namibian financial sector and includes elements such as the provision of inclusive financial services and skills development.
Meanwhile, Vetumbuavi Junius Mungunda, SBN’s Chief Executive, explained: “Standard Bank Namibia views transformation as a fundamental change process that affects every aspect of our business and is a social and economic imperative for Namibia’s long-term future.”
He added: “I am most pleased that this initiative gives our staff and our broader community an opportunity to have shareholding and ownership in Standard Bank Namibia. This is one of the most effective ways to achieve financial inclusion and entrench a culture of sustainable financial planning by empowering our people through share ownership.”
“Our approach to achieving meaningful transformation goes beyond meeting compliance targets. We want this culture to be a tangible, everyday reality for our employees, customers, stakeholders and the communities we serve,” he concluded.