Last Updated on November 27, 2023 by Elidge Staff
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Everything You Need to Know About Starting A Microlending Business In Namibia
If you’re interested in starting a microlending business in Namibia, the first step is to register with the Namibia Financial Institutions Supervisory Authority (NAMFISA). This blog post will guide you through the application process and the documents you need to provide.
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Application Requirements
- Application Form: To apply for registration as a microlender in Namibia, you need to complete an application form provided in Schedule 1, which is attached to the NAMFISA Electronic Reporting System (ERS).
- Supporting Documents: You need to submit the following supporting documents along with your application:
- Certified copies of Income Tax and Value Added Tax registration certificates issued by the Ministry of Finance, if applicable.
- Certified copies of each natural key responsible person’s certificate of conduct or crime clearance certificate, issued by the local police within 12 months of the application date.
- Certified copies of each natural key responsible person’s identity document or passport.
- Updated curriculum vitae of the principal officer, a certified copy of their educational qualifications, and proof of relevant experience, including reference letters or certificates of service from previous employers or clients. In the absence of these, a declaration under oath is required.
- Proof of a bank account in the name of the applicant from a banking institution.
- Copy of the standard written loan agreement pursuant to section 24(2) of the Act.
- Certified copy of the memorandum of association and articles, or other instrument constituting or defining the constitution of the corporate entity or other foundation documents of the applicant if applicable.
- Proof of source of funds and amount of start-up capital to finance the microlending business.
- NAMFISA ERS nominations on the form set out under Schedule 2.
- Certified copy of the appointment letter of the applicant’s auditor, accounting officer, or bookkeeper containing their physical registered business address, postal address, telephone number, fax number, and e-mail address.
- Copy of the microlender’s compliance programme in accordance with the Financial Intelligence Act, 2012 (Act No. 13 of 2012).
- Proof of payment of the non-refundable application fee of N$2 000.00, payment of which must be made in accordance with the instructions set out under Schedule 3.
- Certificate of Fitness and Registration: Within 3 months after registration, you must submit a certified copy of the certificate of fitness and registration issued by the relevant local authority, village council, town council, or municipality in respect of the premises from where the microlending business will be conducted.
Registering as a microlender in Namibia requires a thorough understanding of the application requirements and supporting documentation. By following the steps outlined in this blog post, you’ll be well on your way to becoming a registered microlender in Namibia.
What is required to apply for registration as a microlender with NAMFISA?
An application on a form set out under Schedule 1, along with several pieces of documentation, including proof of income tax and VAT registration, crime clearance certificates, ID or passport copies, and proof of relevant experience.
How long can a crime clearance certificate be issued before the application?
A crime clearance certificate must have been issued no longer than 12 months prior to the date of application to NAMFISA.
What documents are required for each natural key responsible person?
Each natural key responsible person must provide a certified copy of their crime clearance certificate, ID or passport, and a copy of their updated CV and educational qualifications, along with proof of relevant experience.
Is proof of a bank account necessary for the application?
Yes, proof of a bank account in the name of the applicant is required.
What is required in terms of compliance with the Financial Intelligence Act?
A copy of the microlender’s compliance program in accordance with the Financial Intelligence Act, 2012 (Act No. 13 of 2012) is required.
Is there an application fee?
Yes, there is a non-refundable application fee of N$2,000.00, which must be paid according to the instructions set out under Schedule 3.
What is required after registration as a microlender?
Every registered microlender must submit a certified copy of the certificate of fitness and registration issued by the relevant local authority, village council, town council, or municipality in respect of the premises from where the microlending business will be conducted, within 3 months after registration.
Is a copy of the standard written loan agreement required for the application?
Yes, a copy of the standard written loan agreement pursuant to section 24(2) of the Act is required.
What is required in terms of the constitution of a corporate entity or trust?
Where the applicant is a corporate entity or trust, a certified copy of the memorandum of association and articles, or other instrument constituting or defining the constitution of the corporate entity or other foundation documents of the applicant is required.
What is the NAMFISA ERS?
The NAMFISA ERS is the platform on which the application for registration and other necessary submissions are made to NAMFISA.
If you have more questions, look through our blog for answers!
