CAPRICORN GROUP 2020-10-26T12:35:45+00:00

Project Description



Capricorn Group is well positioned to weather the COVID-19 storm due to its strong capital and liquidity position, diversified operations, deep local knowledge and strong relationships in the markets where it operates. The Group’s resilience has been illustrated by its results from continued operations, which compare very favourably with financial institutions across southern Africa.

The Group will not be exempt from COVID-19 fallout , with Bank Windhoek being the most impacted by significant interest cuts experienced in Namibia. This resulted in margin compression and an expected increase in impairments as more clients experience a deterioration in their financial position. However, the remaining subsidiaries do not anticipate the same impact and could offset some of the negative outcome for Bank Windhoek.

We take decisive action to address areas of underperformance : we agreed the sale of our loss-making operations in Zambia to Nigeria-based Access Bank Group, subject to the conditions precedent. We also restructured Capricorn Capital and believe that it will positively contribute to the Group’s bottom line going forward.

P.O.Box 15, Windhoek, Namibia


We have a steady record of new product and service launches. We continue to explore adjacent sectors to grow beyond our interests in banking, asset management, insurance and finance.

Our key focus remains customers and their needs . We are investing in digital offerings and channels without compromising the personal touch and customer intimacy for which we are known.

We are growing scale and have a solid reputa​tion:

  • Bank Windhoek, the Group’s flagship brand, is the largest locally owned bank and the second largest commercial bank in Namibia. It was also the first commercial bank in southern Africa to issue a green bond.
  • Capricorn Asset Management (CAM) is a fully-fledged asset manager offering a wide range of investment products across the risk spectrum to retail and institutional investors alike. CAM is one of the largest asset managers in Namibia with more than N$30 billion of assets under management.
  • The Capricorn Unit Trust Management Company Ltd (“CUTM”), administered by Capricorn Asset Management (Pty) Ltd (“CAM”), has been the market leader in Namibia since 2004 in terms of assets under management in the unit trust sphere.
  • Bank Gaborone is on a growth trajectory in Botswana with a proven capability to regularly launch new products and services leading to significant new customer growth. The bank has increased its market share from 7.0% to 7.5% over the last year.
  • Entrepo Holdings (Pty) Ltd (“Entrepo”) is expanding in the government employee market through a highly efficient, distinct and competitive capability to approve and disburse loans, and to provide credit protection cover.
  • Paratus Group has a presence in six African countries and deliver services to more than 20 countries across Africa.

We are widely recognised for our lasting contributions to communities through social responsibility initiatives and significant support for COVID-19 initiatives this year.

We are stable, reliable and well capitalised. Capricorn Group has two shareholders of reference – the Government Institutions Pension Fund (“GIPF”), the largest institutional investor in Namibia, and CIH, the founding holding company of Bank Windhoek. They ensure stability, liquidity and access to capital. CGR Ratings recognised the Group’s strong competitive position, given the positive diversification in terms of business lines and to a lesser extent geography, a strong risk position, intermediate levels of capitalisation supported by good earnings, and funding and liquidity profile that is in line with peers.

We have a strong ethical culture, entrepreneurial spirit and commitment to transparency. Ethical decision-making is demonstrated by the board and entrenched by governance structures and controls. We have zero tolerance for unethical behaviour and for non-compliance with any regulations or legislation in the jurisdictions where we operate.

Our future growth opportunity is in the convergence of data, financial services and telecommunications, which we can deliver on a regional basis through specialist competencies, strong relationships and positive connections


Our reporting boundary extends beyond the Group’s financial boundary to include a regional presence shaped by political, regulatory and economic policy and regimes in different countries.

Our reporting emphasis is on Namibia, where 95% of our total income is generated. Within our reporting boundary we consider the perspectives of all stakeholders and engage with them to ensure the continued relevance of our material matters

Our financial reporting boundary is reflected in the Group audit scope, which included financially significant components identified based on indicators such as contribution to profit before tax or total asset value of the Group. All subsidiaries were subjected to a full scope audit.


Capricorn Group is a leading Namibian-owned financial services group listed on the NSX. We have three banking subsidiaries operating in Namibia, Botswana and Zambia, with other subsidiaries and associates providing adjacent and complementary products and services. Our customers range from personal to corporate, small and medium enterprises. Our value proposition is built around customers rather than products or channels. We apply data and digital technology in transactional banking services, products and functionality to address future customer needs.


We use four major categories of resources to do business and achieve our purpose. In this way, we create sustainable opportunities for our stakeholders, which leads to positive change.

FINANCIAL CAPITALOur services and offerings rely on cash flow. We collect money through funding mechanisms such as bonds, deposits, dividends and reinvestments. We use money responsibly in our engagement with customers to facilitate transactions, to earn interest and to invest. We apply this principle in the Group to make acquisitions and pay dividends.


Our branches, offices, call centre, ATMs, cash express machines and cash form part of the physical infrastructure that we use to operate. They give us a base to securely and conveniently interact with customers, including through expanding data facilities and networks that provide digital infrastructure for online and mobile offerings.


Our purpose statement emphasises our role as Connectors of Positive Change. We engage with our stakeholders to bring innovation, service improvement and empowerment. By using these relationships, knowledge and ethical behaviour we can increase systemic awareness and responsiveness, for example through COVID-19 support initiatives.


We are a relatively modest consumer of natural resources in our business activities. However, the indirect impact of natural disasters such as droughts can affect our business significantly. We provide credit and insurance to businesses that predominantly rely on natural resources and are at risk of climate change impacts. These include industries such as mining, agriculture, fishing and construction. We manage our exposure through an Environmental and Social Management System (“ESMS”), which guides credit allocation and lending activities.


Our strategy aims to build sustainable competitive advantage in the countries we choose to compete in. We evaluate the sustainability of our strategic purpose by our ability to win: measured among others through market leadership, which can be growth in a specific segment, or by growing market share at a faster rate than competitors.



How we apply our resources:

We provide a range of financial services to individuals in all income groups, and commercial customers in the three countries in which we operate:

How we look after our resources, relationships and future:

  • The Capricorn Way defines our shared culture based on a set of values and behaviours. These ensure that our outcomes are in the best interest of the Group and our stakeholders.
  • Our governance and risk management capability supports ethical and effective leadership. The board ensures that Capricorn Group remains a sustainable, well performing and legitimate business.
  • Our four strategic choices guide decisions and trade-offs in a continuously evolving operating context in Namibia, Botswana and Zambia. These choices are supported by our focus on operational excellence.
  • Our engagement with stakeholders informs what we regard as material for the Group to continue creating value. Our eight material matters define risks and opportunities, and are integrated into our governance structures and strategic approach.