APPLICATION FOR REGISTRATION AS A MICROLENDER / PURCHASE / AMALGAMATION / TRANSFER OF MICROLENDING BUSINESS

Application for Registration as a Microlender: A Step-by-Step Guide

If you’re interested in starting a microlending business in Namibia, you’ll need to complete an Application for Registration as a Microlender form provided by the Namibia Financial Institutions Supervisory Authority (NAMFISA). This application form is used to register as a microlender, purchase an existing microlending business, amalgamate multiple microlending businesses, or transfer an existing microlending business.

In this guide, we’ll walk you through the process of completing the Application for Registration as a Microlender form, focusing on all Sections which are relevant to corporate entities or trusts. We’ll also cover some of the requirements and regulations you should be aware of when starting a micro-lending business in Namibia.

Section A: Details of the Corporate Entity/Trust

The first section of the Application for Registration as a Microlender form requires you to provide basic information about your corporate entity or trust. This includes:

• Full registered name
• Previously registered name(s)
• Trading name(s)
• Corporate entity/trust registration number
• Country of registration
• Income tax registration number and VAT registration number, if applicable
• Financial year end
• Nature of business
• Registered address
• Principal place of business
• Contact person
• Postal address
• Telephone number
• Fax number
• Mobile number
• Whether the entity/trust is subject to financial services regulation in a foreign country or a financial services intermediary

If you’re not incorporated in Namibia, you’ll need to provide a description of the corporate entity/trust.

Section B: Answer the Questions

The questionnaire consists of ten questions, and for each question, you are required to answer with a yes or no response. The questions are aimed at evaluating whether the corporate entity, trust or legal person has acted fraudulently, dishonestly, unprofessionally, dishonorably, or in breach of a fiduciary duty within ten years preceding the date of Application for Registration as a Microlender. The questions include:

1. Has any adverse finding been made against the corporate entity/trust/legal person within a period of ten years preceding the date of Application for Registration as a Microlender in any civil or criminal proceedings by a court of law (whether in Namibia or elsewhere), in which the entity/trust/legal person has been found to have acted fraudulently, dishonestly, unprofessionally, dishonorably, or in breach of a fiduciary duty?
2. Has the corporate entity/trust/legal person within a period of ten years preceding the date of Application for Registration as a Microlender, been found guilty by any professional, financial services industry or regulatory body (whether in Namibia or elsewhere), of an act of dishonesty, negligence, incompetence, or mismanagement?
3. Has the corporate entity/trust/legal person within a period of ten years preceding the date of Application for Registration as a Microlender, been denied membership of any body referred to in question 2 above on account of an act of dishonesty, negligence, incompetence, or mismanagement?
4. Has the corporate entity/trust/legal person within a period of ten years preceding the date of Application for Registration as a Microlender, been found guilty by any regulatory or supervisory body (whether in Namibia or elsewhere), or has an authorization to carry on business been refused, suspended, or withdrawn by any such body on account of an act of dishonesty, negligence, incompetence, or mismanagement?
5. Has the corporate entity/trust/legal person at any time prior to the date of Application for Registration as a Microlender been disqualified or prohibited by any court of law (whether in Namibia or elsewhere) from taking part in the management of any other corporate entity or other statutorily created, recognized, or regulated body, irrespective of whether such disqualification has since been lifted or not?
6. Has the corporate entity/trust/legal person been the subject of any investigation or disciplinary proceedings, or has administrative action been taken or administrative penalties been imposed by any regulatory authority, professional, or government body, agency, exchange, or self-regulatory organization (whether in Namibia or elsewhere)?
7. Has the corporate entity/trust/legal person ever been refused authorization to carry on business by any regulatory body (whether in Namibia or elsewhere), or has such authorization ever been suspended or revoked by any such body because of negligence, incompetence, or mismanagement?
8. Has the corporate entity/trust/legal person ever been placed under judicial management, insolvency, liquidation, or any other processes of a similar nature?
9. Has the corporate entity/trust/legal person ever been convicted of an offense or found to be liable under the Financial Intelligence Act, 2012 (Act No. 13 of 2012), and/or the Prevention of Organized Crime Act, 2004 (Act No. 29 of 2004), and/or the Prevention and Combating of Terrorist and Proliferation Activities Act, 2014 (Act No. 4 of 2014),
10. Does the corporate entity/trust/legal person have any additional information, which should be brought to NAMFISA’s attention, which may have an impact on the evaluation by NAMFISA of the corporate entity/trust/legal person’s conduct?

Section C: Where the Applicant is a Corporate Entity or a Trust – Source of Funds and Amount of Start-up Capital

In this section of the Application for Registration as a Microlender, you will need to provide the following information:

C.1 Source of Funds: Indicate where the funds for the start-up capital are coming from.

C.2 Amount of start-up capital: State the amount of start-up capital you have.

Note that you must support all the sources of funds with documentary evidence that shows how the money was earned.

To support your claim, you can provide documents such as:

• Bank statements
• Investment account statements
• Loan agreements
• Sales receipts or invoices

Providing documentary evidence will show that the funds are legitimate, and this can help speed up the registration process.

Declaration by Applicant Where the Applicant is a Corporate Entity or a Trust

In this section of the Application for Registration as a Microlender, you will need to make a declaration by stating that the information you have provided is true and accurate to the best of your knowledge. To complete this section, you will need to:

• Provide your full name.
• Indicate your position in the corporate entity or trust.
• Declare under oath/affirm that the statement is true to the best of your knowledge and belief.
• Undertake to notify NAMFISA of any material changes to the information supplied to them.

Once you have completed this section, you need to sign the declaration. A commissioner of oaths must also sign the declaration.

Section D: Where the Applicant is a Sole Proprietor or a Partnership – Details of Every Natural Person with an Ownership Interest in the Applicant to be Provided

In this section of the Application for Registration as a Microlender, you will need to provide information about every natural person/partner with an ownership interest in the applicant.

For each person, you will need to provide the following information:

D.1 Full name of the person with ownership interest in the applicant.

D.2 Previous surname(s).

D.3 Nature of ownership interest in the applicant.

D.4 Trading name(s).

D.5 Nationality of person with ownership interest in the applicant.

D.6 Identification No/Passport No.

D.7 Date of Birth.

D.8 Place of Birth.

D.9 Income Tax Registration No. and VAT Registration No., if applicable.

D.10 Occupation.

D.11 Residential address.

D.12 Business address.

D.13 E-mail.

D.14 Telephone No.

D.15 Mobile No.

D.16 Fax No.

Section E: Where the Applicant is a Sole Proprietor or a Partnership – Source of Funds and Amount of Start-up Capital

In this section of the Application for Registration as a Microlender, you will need to provide the same information as in Section C. You need to state the source of funds and the amount of start-up capital you have. Remember that you must support all sources of funds with documentary evidence.

Declaration by Applicant Where the Applicant is a Sole Proprietor or a Partnership

In this section of the Application for Registration as a Microlender, you will need to make a declaration similar to that in Section C. You will need to provide your full name, state your position, and declare under oath/affirm that the statement is true and accurate. You will also need to undertake to notify NAMFISA of any material changes to the information supplied to them.

Once you have completed the declaration, you need to sign it. A commissioner of oaths must also sign the declaration.

Section F: Principal Officer, Branch Manager and Other Natural Key Responsible Person

Section F should be filled out for the principal officer, each branch manager, and any other natural key responsible person.

The following information is required:

Section G: Natural Key Responsible Person’s Honesty and Integrity Questionnaire

Section G is the Honesty and Integrity Questionnaire, which should be filled out by the natural key responsible person. If any of the answers are “yes,” provide full details on a separate page and attach certified documents to the form. The questions are as follows:

YES/NO Questions

Has any adverse finding been made against you within a period of ten years preceding the date of Application for Registration as a Microlender in any civil or criminal proceedings by a court of law (whether in Namibia or elsewhere), in which you were found to have acted fraudulently, dishonestly, unprofessionally, dishonorably or in breach of a fiduciary duty?

Have you within a period of ten years preceding the date of Application for Registration as a Microlender been found guilty by any professional, financial services industry or regulatory body (whether in Namibia or elsewhere), of an act of dishonesty, negligence, incompetence or mismanagement?

Have you within a period of ten years preceding the date of Application for Registration as a Microlender been denied
membership of any body referred to in question 2 above on account of an act of
dishonesty, negligence, incompetence or mismanagement?

Have you within a period of ten years preceding the date of Application for Registration as a Microlender been found guilty by any regulatory or supervisory body (whether in Namibia or elsewhere), or has an authorization to carry on business been refused, suspended or withdrawn by any such body on account of an act of dishonesty, negligence, incompetence or mismanagement?

Have you at any time prior to the date of Application for Registration as a Microlender been disqualified or prohibited by any court of law (whether in Namibia or elsewhere) from taking part in the management of any corporate entity or other statutorily created, recognized or regulated body, irrespective whether such disqualification has since been lifted or not?

Have you been the subject of any investigation or disciplinary proceedings or has
administrative action been taken or administrative penalties been imposed by any
regulatory authority, professional or government body or agency, an exchange or self regulatory organisation (whether in Namibia, or elsewhere)?

Have you ever been refused authorization to carry on business by any regulatory body (whether in Namibia or elsewhere), or has such authorization ever been suspended or revoked by any such body, because of negligence, incompetence or mismanagement?

Are you subject to an order of a competent court holding you to be mentally unfit or
disordered?

Have you within a period of ten years preceding the date of Application for Registration as a Microlender been removed from office or left office on account of misconduct relating to fraud or the
misappropriation of money, whether in Namibia or elsewhere?

Have you within a period of ten years preceding the date of Application for Registration as a Microlender received a grant of amnesty or free pardon for any offence?

Has your estate ever been sequestrated?

Have you ever been convicted of an offence or found to be liable under the Financial
Intelligence Act, 2012 (Act No. 13 of 2012), and/or the Prevention of Organized Crime Act, 2004 (Act No. 29 of 2004), and/or the Prevention and Combating of Terrorist and Proliferation Activities Act, 2014 (Act No. 4 of 2014) and/or any other similar Acts describing similar offences and/or liability in any country?

Have you within a period of five years preceding the date of Application for Registration as a Microlender been adversely listed on a Credit Bureau (whether in Namibia or elsewhere)?

Have you previously been appointed as a Principal Officer or Director in the financial
services industry or as a Branch Manager in the microlending industry? If yes, provide more information, i.e. duration, which company, etc.

Are you involved in other corporate entities as a Director, Shareholder, Member, Trustee, etc.? If yes, provide more information, i.e. duration, which company, etc.

Has any corporate entity in respect of which you are or were a Member, Shareholder, Director, Trustee or officer ever been convicted or an offence or found to be liable under the Financial Intelligence Act, 2012 (Act No. 13 of 2012), and/or the Prevention of Organized Crime Act, 2004 (Act No. 29 of 2004), and/or the Prevention and Combating of Terrorist and Proliferation Activities Act, 2014 (Act No. 4 of 2014) and/or any other similar Acts describing similar offences and/or liability in any country?

Do you have any additional information, which should be brought to NAMFISA’s
attention, which may have an impact on the evaluation by NAMFISA of your good
character and integrity?

Section H: Competence of Principal Officer, Branch Manager and other Natural Key Responsible Person

To become a registered microlender, the applicant must provide information on the competence of the Principal Officer, Branch Manager and other Natural Key Responsible Persons. This section requires completion of two tables:

H.1 Training Table:

• Qualification: Enter the qualification earned by the Principal Officer, Branch Manager, or other Natural Key Responsible Person
• Institution: Provide the name of the institution where the qualification was obtained
• Date obtained: Indicate the date when the qualification was awarded

H.2 Experience Table:

• Position held: Write the job title or position held by the Principal Officer, Branch Manager, or other Natural Key Responsible Person
• Employer: Provide the name of the employer
• Contact Details: Indicate the employer’s contact details
• Period: State the length of time worked for the employer

Proof of relevant experience should be attached to the Application for Registration as a Microlender, such as reference letters from previous employers or clients, or certificates of service from previous employers. A detailed Curriculum Vitae (CV) of the Principal Officer, Branch Manager, and other Natural Key Responsible Person must also be included.

Section I: Additional File Attachments

To complete the Application for Registration as a Microlender process, the following additional file attachments are required:

• Certified copy of applicant’s Income Tax registration certificate and, if applicable, the VAT registration certificate
• Certified copies of each natural key responsible person’s certificate of conduct/crime clearance certificate
• Certified copies of each natural key responsible person’s identity document or passport
• Copy of Principal Officer’s and/or Branch Manager’s and/or natural key responsible person’s updated curriculum vitae
• Certified copies of the Principal Officer’s and/or Branch Manager’s and/or natural key responsible person’s educational qualifications
• Proof of Principal Officer’s and/or Branch Manager’s and/or natural key responsible person’s relevant experience
• Proof from a banking institution of a bank account in the name of the applicant
• Copy of the standard written loan agreement
• Certified copies of the corporate entity’s/trust’s memorandum of association and articles or other instrument constituting or defining the constitution of the corporate entity/trust or other foundation documents
• Proof of source of funds to finance the microlending business
• NAMFISA ERS nomination form
• Certified copy of the appointment letter of the applicant’s auditor, accounting officer or bookkeeper
• Copy of the applicant’s anti-money laundering compliance program
• Proof of payment of the Application for Registration as a Microlender fee
• Copy of the agreement of purchase, amalgamation or transfer of microlending business
• Proof of source of funds for the purchase of the microlending business
• Where any microlender involved in the purchase, amalgamation or transfer is a corporate entity/trust, certified copies of the corporate entity’s/trust’s memorandum of association and articles or other instrument constituting or defining the constitution of the corporate entity/trust or other foundation documents.

Note: All documents should be certified true copies of the original documents by a Commissioner of Oaths or Notary Public.

To learn more about becoming a registered microlender in Namibia, visit the Namibia Financial Institutions Supervisory Authority (NAMFISA) website:

If you have more questions, look through our blog for answers!