Bank of Namibia takes over 'MetBank' linked SME Bank

The Bank of Namibia (BON) has taken over the reigns at SME Bank due to what BON Governor, Iipumbi Shiimi described as unsound investments made in South Africa.

Shiimi announced the development on Wednesday and said that the SME Bank Board has been relieved of their duties with an interim board set up to allow for proper investigations on the matter.

Zimbabwean businessman Enock Kamushinda has an interest in the bank while MetBank is the  technical partner.

Shiimi said that following routine supervisory actions and investigations on the investments made by the SME Bank, the decision was taken to temporarily cease control of the bank.