The NDGA payout guide
The scheme applies per depositor, per institution. If you have accounts at two different banks, you are covered up to N$50,000 at each one.
Total Savings in a Failed Bank Guaranteed Payout Status of Remaining Balance
N$10,000 N$10,000 Fully reimbursed.
N$50,000 N$50,000 Fully reimbursed.
N$100,000 N$50,000 N$50,000 is reimbursed; the rest is a claim against the bank's estate.
N$1,000,000 N$50,000 N$50,000 is reimbursed;N950,000 is a claim against the bank's estate.
How the reimbursement process works:
Trigger: A member bank is declared insolvent or its licence is revoked by the Bank of Namibia.
Notification: The NDGA notifies the public via newspapers, radio, and digital channels about the start of the claims process.
Calculation: The NDGA works with the liquidator to verify account balances. All your accounts at that specific bank (savings, call, and current accounts) are added together.
Payment: You receive a payment up to the N$50,000 limit within a specified period (aimed at being as "speedy and transparent" as possible).
Liquidation Claim: For any amount above N$50,000, you become a "creditor" of the bank. You may receive more money later as the bank's assets (buildings, loan books, etc.) are sold off by the liquidators.
Important Note: Most standard savings and term deposits are covered. However, foreign currency accounts and certain tradable certificates of deposit are typically excluded from the scheme.
