At a Glance
- FirstRand and Capricorn lead lender valuations, controlling most listed financial assets on NSX.
- Top lenders finance housing, SMEs and infrastructure while expanding digital and mobile banking.
- Stable regulation and conservative balance sheets support resilience despite interest rate pressures.
Namibia’s stock market may be small by global standards, but its financial sector punches well above its weight.
Banking and lending stocks dominate the Namibia Stock Exchange (NSX), reflecting the central role lenders play in the country’s economy, from funding homes and small businesses to underwriting infrastructure and consumer credit.
At the top of the pile are seven lenders whose combined market value underscores both investor confidence and the sector’s resilience.
Led by FirstRand Namibia and Capricorn Group, these institutions control the bulk of listed financial assets on the NSX, benefiting from stable regulation, conservative balance sheets, and steady demand for credit in a growing economy.
Beyond size, these lenders shape Namibia’s economic direction. They finance SMEs, support housing development, and increasingly push digital banking and mobile-led financial inclusion.
While rising interest rates and margin pressure have tested profitability in recent years, most have responded by expanding fee-based income, tightening credit risk, and investing in technology.
Leadership continuity has also mattered. Long-serving executives and boards have helped these lenders navigate currency volatility, regulatory shifts, and competition from non-bank financial players.
As Namibia looks to deepen capital markets and expand access to finance, these seven lenders remain pivotal, both as economic enablers and as bellwethers for investor sentiment on the NSX.
Shore Africa reviewed the Namibia Stock Exchange to identify and profile the seven most valuable lenders listed on the bourse.
1. FirstRand Ltd.
Market Valuation: NAD512.8 billion ($31.8 billion)
Rank: 2nd most valuable stock on Namibia stock exchange
FirstRand Ltd. operates as a holding company, which engages in the provision of banking, insurance and investment products and services to retail, commercial, corporate and public sector customers. It operates through the following segments: FNB, FNB Africa, WesBank, RMB, and Centre. The FNB segment offers financial products and services to market segments including consumer, small business, agricultural, medium-sized corporate, parastatal and government entities. The FNB Africa segment is composed of a support division acting as strategic enabler, facilitator and coordinator for FNB’s broader Africa businesses. The WesBank segment represents the bank’s activities in instalment credit, fleet management and related services in the retail, commercial and corporate segments of South Africa. The RMB segment refers to the bank’s activities in the corporate and investment banking segments in South Africa, the broader African continent and India. The Centre segment includes group-wide functions, including treasury, finance, tax, STET, regulatory risk management, and internal audit. The company was founded in 1966 and is headquartered in Johannesburg, South Africa
2. Standard Bank Group Ltd.
Market Valuation: NAD479 billion ($29.71 billion)
Rank: 3rd most valuable stock on Namibia stock exchange
Standard Bank Group Ltd. is a holding company, which engages in providing integrated financial and related solutions to clients. It operates through the following segments: Consumer and High Net Worth (CHNW), Business and Commercial (BCC), and Corporate and Investment Banking (CIB). The CHNW segment offers banking, investment, insurance, and financial services solutions. The BCC segment provides broad-based client solutions for a wide spectrum of small and medium-sized businesses. The CIB segment serves large companies, governments, parastatals, and institutional clients across Africa and internationally. The company was founded in 1862 and is headquartered in Johannesburg, South Africa.
3. Investec Ltd.
Market Valuation: NAD241.12 billion ($14.96 billion)
Rank: 5th most valuable stock on Namibia stock exchange
Investec Ltd. engages in the provision of financial products and services. The firm operates through the following segments: Wealth & Investment; Private Banking; Corporate, Investment Banking, and Other; Group Investments; and Group Costs. The Wealth and Investment segment offers active investment management services for individuals, corporate and executives and charities and trusts. The Private Banking segment focuses on providing bespoke solutions supported by a broad private banking offering and also comprises of lending to HNW clients; primarily residential mortgages. The Corporate, Investment Banking, and Other segment comprises of businesses that provide capital, advisory and risk management services to growth-orientated corporate clients in the private companies, private equity and listed companies arenas and also comprises of central treasury and liability management channels. The Group Investments segment engages in providing transparency of the standalone values of the assets. The company was founded by Ian Robert Kantor, Errol Grolman and Laurence Michael Nestadt in 1974 and is headquartered in Johannesburg, South Africa.
4. Nedbank Group Ltd.
Market Valuation: NAD124.13 billion ($7.7 billion)
Rank: 8th most valuable stock on Namibia stock exchange
Nedbank Group Ltd. is a bank holding company which engages in the provision of financial services through its banking subsidiary, Nedbank Ltd. It operates through the following business segments: Corporate and Investment Banking, Retail and Business Banking, Wealth, Centre, and Africa Regions. The Corporate and Investment Banking segment offers a spectrum of transactional, corporate, investment banking, and market solutions. The Retail and Business Banking segment includes banking assurance products and services, as well as transactional accounts, home loans, vehicle and asset finance, cards, personal loans, and investments. The Wealth segment provides a range of financial services through three divisions of wealth management, asset management, and insurance. The Centre segment consists of various support services. The Africa Regions segment is responsible for the group’s banking operations and expansion activities on the rest of the African continent and has client-facing subsidiaries in Eswatini, Lesotho, Namibia, Mozambique, and Zimbabwe. The company was founded in 1831 and is headquartered in Sandton, South Africa.
5. FirstRand Namibia Ltd.
Market Valuation: NAD14.29 billion ($886.28 million)
Rank: 18th most valuable stock on Namibia stock exchange
FirstRand Namibia Ltd. engages in transactional, lending, investment and insurance products and services. It operates through the following segments: Retail Credit, Commercial Credit, and Corporate Credit. The Retail Credit segment includes individual customers. The Commercial Credit segment targets SMEs. The Corporate Credit segment pertains to large corporate clients. The company was founded in 1907 and is headquartered in Windhoek, Namibia.
6. SBN Holdings Ltd.
Market Valuation: NAD6.41 billion ($397.55 million)
Rank: 23rd most valuable stock on Namibia stock exchange
Standard Bank Namibia (SBN) Holdings Ltd. provides financial services to institutions in Namibia. It operates through the following segments: Personal and Private Banking (PPB), Business & Commercial Banking (BCB), Corporate & Investment Banking (CIB), and Central and Other. The PBB segment offers tailored and comprehensive banking, investment, insurance and beyond financial solutions. The BCB segment involves broad-based client solutions for a wide spectrum of small- and medium-sized businesses as well as large commercial enterprises. The CIB segment serves large companies (multinational, regional and domestic), governments, parastatals, and institutional clients. The company was founded on July 25, 2006, and is headquartered in Windhoek, Namibia.
7. Letshego Holdings (Namibia) Ltd.
Market Valuation: NAD2.64 billion ($163.74 million)
Rank: 25th most valuable stock on Namibia stock exchange
Letshego Holdings (Namibia) Ltd. is an investment company, which engages in banking and other financial services operations. It serves as regulated financial provider focusing on the low to middle income earners in the Namibia. The company was founded in 1998 and is headquartered in Windhoek, Namibia.
