The bank was built after a pilot project called Koshi Yomuti ELO.[2][3] This project developed
microfinance activities from 2002 to 2010,[4][5] targeting specifically
rural population seeking to develop income generation activities.
This project initially started in
Ohangwena Region and moved to
Ondangwa in 2005,
Oshakati in 2006 and
Outapi in 2007.
Upon creation of the bank, then operating as FIDES Bank Namibia, the
portfolio of loan was transferred to the new institution, which developed from then on an
MSMEportfolio as well.[6]
The bank received its provisional banking license on 4 August 2009.[7][8] and its permanent license on 1 February 2010.[9][10]
Trustco Bank Namibia is active in two banking
segments:[10]
income generation activities financing (
microfinance): this activity aims at proposing
savings and
loans products to a clientele mainly located in
rural areas of the country.[15] The development of this activity is based on a group methodology[16] and deals with populations almost exclusively excluded from the formal Namibian banking system.[17]
At the end of 2012, FIDES Bank Namibia had a client base of approximately 11,000 people and little above 650
microfinance groups, borrowing on average 216 euros.[18]
^Certificate of Authorization to Conduct Banking Business No. BIC 006, issued in
Windhoek by the
Bank of Namibia
^Katswara, Tonderai (25 October 2006). "Micro-finance improves lives of rural people". The Namibian.
^Goeieman, Fred (17 August 2007). "Vrede vestig die grondslag vir groei, sê kenner". Die Republikein (in Afrikaans).
^Vries, Da'oud (22 September 2008). "Germany gives seed capital for Namibia's first micro-finance banking institution". The Namibian.
^Bothma, Ruhan (23 September 2008). "Miljoene dollar se hulp vir entrepreneurs". Die Republikein (in Afrikaans).
^Geutling, Thorsten (6 September 2008). "Germany Bankrolls Micro Finance Bank for the North". Informanté.
^Terblanché, Niël (6 August 2009). "BON staan banklisensie aan mikrolener toe" [BoN grants bank license to microlender]. Die Republikein (in Afrikaans).
^"First micro finance bank gets licence". Namibia Economist. 7 August 2009.
^Heita, Desie (4 February 2010). "Bank for poor opens its doors". New Era.