Category: Finance
Govt to Borrow N$15.3 Billion This Year
By: Nghiinomenwa-vali Erastus The government wants to borrow up to N$15.3 billion from various financiers, including individuals, institutions, and others, to meet its budgetary commitments and repay maturing debts during the current financial year. This 2024/25 financing need represents…
FNB Wins Namibia’s Best Bank Award for 2024
By: Dolly Menas First National Bank of Namibia (FNB) has earned the prestigious title of Best Bank in Namibia for the year 2024, as bestowed by Global Finance magazine. The announcement came during the 31st annual Best Banks…
Loan Repayments Strain Individuals as Economy Faces Challenges
By: Nghiinomenwa-vali Erastus The Bank of Namibia’s recent annual report paints a troubling picture of the country’s economic landscape, with non-performing loans (NPLs) reaching N$6.5 billion by the end of 2023. Of these loans, 51% are attributed to…
Digital Currency Introduction Requires Thorough Justification – Bank of Namibia
By: Justicia Shipena Digital currency will only be introduced in the country when the central bank is fully convinced that such a move will not jeopardise the security and stability of the Namibian economy. The Central Bank’s Governor…
Old Mutual Group Reports N$91 Million Increase in Investment Returns in Namibia
By: Staff Writer The Old Mutual Group has announced a significant increase of N$91 million in its investment returns in Namibia for the year 2023 compared to the previous year. This was primarily fueled by higher interest rates…
BIPA Extends Annual Duty Penalty Waiver Grace Period
By: Justicia Shipena The Business and Intellectual Property Authority (BIPA) has announced an extension of its Annual Duty Penalty Waiver Programme for an additional three months, now ending on 30 June 2024. The initiative launched late last year offers…
BoN Declares N$511.5 Million Towards Govt’s Revenue
By: Justicia Shipena The Bank of Namibia (BoN) has declared a dividend of N$511.5 million to the government, which is about N$100 million from what it declared last year. This was announced by BoN Governor Johannes !Gawaxab during…
Hartzenberg Becomes First in Namibia to Attain Dual Chartered Accountant Designations
By: Staff Writer Florian Hartzenberg has achieved a significant milestone by becoming the first professional accountant in Namibia to acquire both the Chartered Accountant, Namibia (CA(NAM)) and Chartered Global Management Accountant (CGMA) designations. This accomplishment follows the collaborative efforts…
Letshego Turns to Local Borrowing to Reduce Dependency on Parent Funding
By: Nghiinomenwa-vali Erastus Letshego Holding Namibia has augmented its local borrowing to N$3.1 billion by the close of 2023, up from N$2.5 billion, aimed at fueling its expansion while decreasing reliance on parent funding. In its 2023 financial…
FNB Scoops Euromoney Awards Second Year in a Row
By: Staff writer FNB has once again scooped the Euromoney Awards for Africa’s Best International Private Bank in Botswana and Namibia, for the second year in a row. The Bank was also crowned Africa’s Best Bank for Ultra High-Net-Worth Individuals,…