EBank to Mount Challenge to South African Lenders in Namibia

EBank Ltd. plans to use mobile phones to offer banking services in Namibia starting in the third quarter of this year.

“We will utilize technology available to establish a branchless commercial bank,” Chairwoman Monica Kalondo said yesterday in an interview from Windhoek, the capital. “The market has sufficient capacity to accommodate new banking players.”

EBank will establish branches for card collection and other services as it challenges the dominance of local units of South Africa’s Standard Bank Group Ltd. (SBK) and FirstRand Ltd. (FSR) Namibian private-equity firm Pointbreak and South African financial services company, TYME, each own 42.44 percent of the bank, with the remainder owned by local investors, including Kalondo.

“Clients would be able to open accounts, conduct transactions in all services on offer, using mobile telephones and the Internet and other technological means,” said Kalondo, who declined to comment on the market share EBank is targeting.

To contact the reporter on this story: Felix Njini in Windhoek at fnjini@bloomberg.net

To contact the editors responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net Dylan Griffiths, Steve Bailey

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