FirstRand Namibia is expanding its banking capabilities and sector expertise to position itself for increased business from Namibia’s emerging oil and gas industry, which the group expects to become a major driver of economic activity.
In its 2026 Integrated Annual Report, FirstRand Namibia said the development of the oil and gas sector is beginning to reshape the country’s long-term economic prospects, with potential final investment decisions (FIDs) expected to stimulate investment and business activity.
The group said it has been strengthening its internal expertise, developing specialised banking solutions and working with industry stakeholders to prepare for increased demand from oil and gas companies and businesses participating in the sector’s supply chain.
“Significant strides have been made in positioning the group as a knowledgeable and proactive banking partner in Namibia’s emerging oil and gas sector,” FirstRand Namibia said.
“We attended and contributed to numerous local and international conferences to facilitate industry insights and upskilled staff at various levels within the group by providing oil and gas sector-specific training.”
RMB Namibia has positioned itself as a banking partner to the sector, while FNB Commercial has committed resources to understanding and supporting oil and gas companies and related industries.
FirstRand Namibia said RMB Namibia and FNB Namibia have also partnered with the Petroleum Training and Education Fund and the Namibia Investment Promotion and Development Board (NIPDB) to host upstream oil and gas supplier workshops.
The workshops are aimed at strengthening the capabilities of Namibian suppliers and positioning local businesses to participate in opportunities emerging across the upstream petroleum value chain.
“These engagements were designed to build supplier capability, foster collaboration, and unlock opportunities for local businesses across the upstream value chain,” the group said.
RMB Namibia and FNB Commercial have also developed an Exchange Control (ExCon) Scenarios Booklet, which was launched at the Namibia International Energy Conference 2026.
The booklet provides guidance on exchange control requirements, including payments involving foreign companies and individuals as well as requirements applicable to incoming investors.
FirstRand Namibia said development of the oil and gas industry is expected to increase demand for cross-border banking products and solutions, which have become a key focus for the group as it prepares for increased investment activity.
The group expects Namibia’s oil, gas and mining sectors to support economic growth and increased client activity in 2027.
It, however, cautioned that the outlook remains exposed to risks including geopolitical tensions, supply chain disruptions and inflation.
