NAMIBIA · BANKING
Key Facts
- —The country Namibia is a southern African producer of diamonds and uranium with large offshore oil finds, whose currency, the Namibia dollar, is tied one-to-one to the rand.
- —What happened On Friday 23 October 2026, First National Bank of Namibia told holders that paper FNBJ28S certificates stop trading after 9 November.
- —The bond FNBJ28S is a bond issued by FNB Namibia and listed on the Namibia Securities Exchange (NSX), the country’s stock and bond market in Windhoek.
- —The window The bond register is closed from Friday 6 to Monday 9 November 2026, except for dematerialisation.
- —The fix Holders open an account with a Central Securities Depository Participant (CSDP), an authorised custodian, and hand over their original certificates.
- —The parent FirstRand Namibia, the NSX-listed company whose name heads the bond notice, earned N$2.15 billion (about US$129 million) in the year to 30 June 2026, up 12.2%.
- —Still open The size, interest rate and maturity of the FNBJ28S bond, and how many paper certificates are still outstanding.
FNB Namibia bonds held as paper certificates stop trading after Monday 9 November 2026 unless holders convert them into electronic records. The bank says the FNBJ28S bond can no longer be traded in paper form after that date.
The notice came from First National Bank of Namibia on Friday 23 October, and the Windhoek Observer reported it on Monday 26 October. Anyone holding Namibian bonds, including foreign funds, should check how the holding is recorded, as this guide to Namibia’s economy explains.
What the Bank Told Bondholders
First National Bank of Namibia, known as FNB Namibia, announced that bonds issued under the code FNBJ28S are still held as physical certificates. Unless they are dematerialised and moved into the Namibian Central Securities Depository (CSD) system, the bonds will not be tradable after 9 November 2026.
Dematerialisation means replacing a printed certificate with an electronic record of ownership kept in the CSD, the national register of securities. The Windhoek Observer reports that the bank says the process does not change who owns the bonds.
The Closed Register From 6 To 9 November
The register for FNBJ28S is closed from Friday 6 November to Monday 9 November 2026. During those days only transactions that relate to dematerialisation are allowed.
A holder who waits until the register closes can still convert, but cannot make any other transfer. The notice was signed by Selma Kapeng, FNB Namibia’s Group Treasurer, and the bank’s treasury desk takes questions on weekdays.
How Holders Move to Electronic Form
A bondholder first appoints a Central Securities Depository Participant, called a CSDP, which is an authorised institution that keeps electronic securities accounts. Investors whose accounts are controlled by a broker can instead ask a registered stockbroker to arrange the conversion through a CSDP.
The CSDP then opens a Central Securities Account for the holder in the CSD. Once the account exists, the holder submits the original certificate to the CSDP in person or by secure courier, or through a broker.
Why Electronic Bonds Are Easier To Trade
FNB Namibia says electronic holdings trade more efficiently on the NSX and settle faster and more safely than paper. Interest on FNB Namibia bonds held electronically also goes straight into the holder’s nominated bank account.
The bank adds that electronic records remove the risk of lost, damaged, stolen, forged or misplaced certificates. For a bond that investors may want to sell before maturity, that matters more than the paperwork it saves.
The Bank Behind the Bond
FNB Namibia is part of FirstRand Namibia, the company listed on the NSX whose name appears on the bond notice. For the year to 30 June 2026, FirstRand Namibia reported profit after tax of N$2.15 billion (about US$129 million), up 12.2%.
Net advances to customers reached N$42.8 billion (about US$2.58 billion), customer deposits N$52.1 billion (about US$3.14 billion) and return on equity 28.5%. Those results were announced on 10 September, six weeks before the bond notice, which deals only with how FNB Namibia bonds are recorded.
What It Means for US Readers
Most American investors reach Namibian debt through emerging-market funds or global custodians, which normally hold securities in electronic form. Anyone who holds FNB Namibia bonds as a paper certificate, directly or through a local broker, should contact that broker or a custodian now.
The notice is a housekeeping step on how the bond is recorded and says nothing about the bank’s finances or its ability to pay. For foreign investors it is a reminder to check that any Namibian paper they hold sits in electronic form.
What Is Not Known
The notice does not state the size, interest rate or maturity of the FNBJ28S bond. It also does not say how many paper certificates are outstanding or what happens to FNB Namibia bonds submitted after 9 November.
Fees are set by each CSDP and differ by provider, so the total cost for a holder is not known in advance. The bank advises investors to ask their chosen CSDP for charges before they open an account.
More: Namibia news in English, every day from The Rio Times.
Frequently Asked Questions
What is the deadline for FNB Namibia bonds held on paper?
Holders of FNBJ28S, one of the FNB Namibia bonds, must dematerialise paper certificates by Monday 9 November 2026. After that date the bond is not tradable in paper form.
What does dematerialisation mean?
It means replacing a printed bond certificate with an electronic record of ownership held in the Namibian Central Securities Depository. The holder still owns the same bond.
Do holders lose their money if they miss the date?
The notice says only that FNB Namibia bonds in paper form cannot be traded after 9 November. It does not say that ownership or interest rights are cancelled.
How do holders convert a paper certificate?
They appoint a Central Securities Depository Participant or a registered stockbroker, open a securities account and hand over the original certificate. The participant then completes the transfer into the depository.
Who can answer questions about the notice?
FNB Namibia’s treasury desk handles queries from 08:00 to 17:00 on weekdays, with Cecil Goliath named as the contact. The bank’s sponsor on the NSX is Cirrus Securities.
Is the bank in financial trouble?
Nothing in the notice points to stress, and parent FirstRand Namibia reported profit up 12.2% for the year to 30 June 2026. The request is about how the bonds are recorded.
Sources: NSX, Dematerialisation of FNBJ28S, 23 October 2026; Windhoek Observer, FNB Namibia bondholders face trading deadline in November, 26 October 2026; NSX, FirstRand Namibia audited results to 30 June 2026, 10 September 2026; The Namibian, FirstRand Namibia corporate lending powers N$2.15bn profit, 14 September 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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