Namibi’s Trustco bank has officially shut down, completing a process that began in August 2024 following regulatory action from the Bank of Namibia (BoN).
The bank on Monday confirmed that it had transferred all unclaimed deposits, along with accrued interest, to the Guardian Fund under the authority of the Master of the High Court, in line with the central bank’s directive.
“We have successfully dispersed nearly 80% of all deposits, and as of February 28, 2025, the remaining unclaimed funds have been transferred to the Guardian Fund to ensure that former clients’ money remains secure and accessible to them when they come forward,” said Acting CEO Riaan Bruyns.
A final notification has been issued to affected clients, informing them of the process to claim their funds through the Guardian Fund starting March 3, he added.
Trustco Bank’s closure follows a drawn-out regulatory battle with the BoN, which suspended its banking license in August 2023 over non-compliance with the Banking Institutions Act. The central bank cited the lender’s failure to meet minimum capital requirements, governance deficiencies, and non-adherence to banking regulations.
Despite being given time to address these issues, the bank failed to make the necessary changes.
On July 29, 2024, Namibia’s apex bank issued a notice of its intention to revoke Trustco Bank’s license. The decision was finalized a month later when the bank was ordered to submit a deposit repayment plan by August 27, 2024.
Trustco Bank Namibia, a subsidiary of Trustco Group Holdings, challenged the central bank’s actions in court, arguing that the suspension was unjustified.
However, the legal proceedings did not prevent the regulator from proceeding with the revocation.
With the transfer of unclaimed deposits to the Guardian Fund, the bank has now fulfilled its final obligations, marking the end of its operations. Affected clients have been advised to contact the Guardian Fund to reclaim their money.
