The Central Securities Depository (CSD) was launched in December 2025 by the Namibia Securities Exchange (NSX), in partnership with the Bank of Namibia and under the oversight of the Namibia Financial Institutions Supervisory Authority (NAMFISA), representing an important milestone in the modernisation of Namibia’s capital markets. As part of this market-wide initiative, Bank Windhoek has... The post Bank Windhoek advances Namibia’s modern capital-market infrastructure appeared first on New Era
The Central Securities Depository (CSD) was launched in December 2025 by the Namibia Securities Exchange (NSX), in partnership with the Bank of Namibia and under the oversight of the Namibia Financial Institutions Supervisory Authority (NAMFISA), representing an important milestone in the modernisation of Namibia’s capital markets.
As part of this market-wide initiative, Bank Windhoek has become the first bank and the first corporate bond issuer to successfully dematerialise an NSX-listed corporate bond, converting its paper-based security into an electronic record held in the CSD.
The successful dematerialisation of Bank Windhoek’s BWJh28L Sustainability-Linked Bond, issued in August 2025 with a total value of N$250.5 million, marks an important first for Namibia’s listed debt market and demonstrates the practical implementation of a key financial-market infrastructure capability.
For Bank Windhoek, the milestone is about more than converting a physical certificate into an electronic record.
It reflects the Bank’s commitment to partnering in and piloting national priorities that contribute to the development of Namibia’s financial ecosystem.
By participating as the first bank and corporate issuer to complete the dematerialisation process, Bank Windhoek is helping to establish a practical precedent for other issuers and market participants as Namibia transitions towards a more efficient, secure and digitally enabled capital market.
Under the dematerialised system, ownership of the bond is recorded electronically rather than through physical certificates. Interest payments and changes in ownership will be managed electronically through the CSD by Bank Windhoek’s appointed CSD participant, NSX Financial Market Services (FMS).
Registered bondholders were notified on 8 August 2026 of the planned dematerialisation and were requested to submit their bond certificates for verification and conversion on 21 August 2026. The process was successfully completed, with all investor asset registers updated and verified by close of business on the same day.
The successful implementation demonstrates the value of collaboration between the NSX, CSD, issuers, investors and financial-market participants in translating the country’s capital-market modernisation agenda into practice.
“The launch of the CSD is an important development for Namibia’s capital markets, and we are proud that Bank Windhoek could play a pioneering role in bringing this initiative into operation for a corporate bond. As the first bank and corporate issuer to complete the dematerialisation process, we see our role as being a partner in piloting initiatives that support national priorities and strengthen Namibia’s financial-market infrastructure,” said Bank Windhoek Managing Director, James Chapman.
“Innovation is not only about what we do within Bank Windhoek; it is also about how we contribute to the evolution of the markets in which we operate. This initiative demonstrates what can be achieved when market participants work together to create a more efficient, transparent and secure financial system for Namibia,” Chapman added.
The CSD enables financial instruments, clearing, settlement and ownership registration to be managed electronically. The move away from paper-based registration and settlement strengthens the efficiency, transparency and security of Namibia’s financial markets and supports broader investor participation.
Dematerialisation replaces physical securities certificates with secure electronic ownership records. Over time, the CSD intends to facilitate the conversion of other certificate-based financial instruments, including bonds, treasury bills, negotiable certificates of deposit and equities, into electronic, or uncertificated, securities. Key benefits of dematerialised securities include more efficient trading on the Namibia Securities Exchange; faster and more secure settlement of transactions; direct payment of interest into investors’ nominated bank accounts, helping to reduce delays; and lower risks associated with physical certificates, including loss, damage, theft, forgery and misplacement.
Investors will be provided with sufficient notification before they are required to submit certificates for future dematerialisation. They will then be assisted by their broker or CSD participant by opening a central securities account and completing the dematerialisation process. Bank Windhoek has also notified investors in its other three NSX-listed bonds that these instruments will be dematerialised on 8 September 2026. Once this process is completed, all the Bank’s NSX-listed bonds will be held electronically through the CSD.
The post Bank Windhoek advances Namibia’s modern capital-market infrastructure appeared first on New Era.
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