The Bank of Namibia (BoN) has suspended the authorization of Trustco Bank Namibia to operate as a banking institution.

The BoN said in a statement that the decision is in accordance with the bank's Act and follows consultations with the Minister of Finance and Public Enterprises.

Governor Johannes !Gawaxab noted that the suspension is temporary and is subject to Trustco Bank rectifying certain stipulated instances of non-compliance within six months.

He says the decision to suspend the bank's licence resulted from numerous non-compliances and serious shortcomings, among which several internal control weaknesses remain unresolved.

This is despite several repeated interventions by the central bank over an extended period, directing Trustco Bank to rectify them.

Despite the suspension, customers will have access to their deposits at Trustco Bank.

Trustco Group CEO Quinton van Rooyen, while expressing concern about the bank disregarding High Court orders, promised to address those shortcomings as soon as possible.

He further stated that Trustco Group Holdings remains steadfast in its commitment to robust corporate governance, accountability, and ethical conduct.

He said they will continue to engage in dialogue and due process to address any concerns raised.

Van Rooyen further said that while this suspension poses new obstacles, Trustco remains unwavering in the quest towards economic justice for all Namibians, and their mission has always been financial inclusion and wealth creation.