Bank of Namibia Investigates Unlicensed Banking Activities by CBI Exchange Namibia

The Bank of Namibia has undertaken an investigation into the business operations of CBI Exchange Namibia and Coenraad Barend Nolte Botha, who are suspected of engaging in banking activities by accepting deposits from the public without proper licensing. Neither CBI Exchange Namibia nor Coenraad Barend Nolte Botha were authorized by the central bank to carry out banking operations. This information was provided by Kazembire Zemburuka, the Director of Strategic Communications and International Relations at the Bank.