Category: Finance
EIF and DBN Collaborate to Raise Green Funding
Nghiinomenwa-Vali Erastus The Environmental Investment Fund of Namibia (EIF) and the Development Bank of Namibia (DBN) have entered into an agreement aimed at raising green funding to strengthen climate change resilience across the country. The two entities will implement…
Trustco to Focus on Non-Deposit Financial Services …as its banking licence is cancelled
Fransina Nghidengwa Trustco will pivot towards non-deposit-taking financial services following the surrender of its banking licence to the Bank of Namibia (BoN). The group’s founder, Quinton van Rooyen, expressed optimism about the “tremendous” growth potential in this new direction,…
Repo Rate Cuts Offer Little Relief for the Poor – Kganyago
By: Nghiinomenwa-vali Erastus The deep interest rate cuts by monetary policy committees globally, regionally, and domestically during the pandemic did little to alleviate the burden of interest payments on lower-income households or address the issue of inequality. This is…
Nam Urged to Plan According to Production Advantages
By: Hertha Ekandjo The African Development Bank (AfDB) has urged Namibia to focus on national development plans that capitalise on its comparative advantages. In its 2024 Country Focus Report titled “Driving Namibia’s Transformation: The Reform of the Global Financial…
Mission to Enhance Beneficial Ownership Launched
By: Hertha Ekandjo A scoping mission workshop aimed at identifying priority activities for technical assistance to improve Namibia’s beneficial ownership reporting systems was launched by the European Union Global Facility this week. The Global Facility deals with…
BoN Expected to Cut Repo Rate
By: Loise Shiimi The Bank of Namibia’s Monetary Policy Committee is expected to announce the reduction in the repo rate by 25 basis points this morning. The repo rate has remained unchanged at 7.75% for the last two meetings in…
Investment Bill Expected Before Mbumba’s Term Concludes
By: Justicia Shipena Minister of Finance Ipumbu Shiimi says the government is working towards enacting the much anticipated Investment Promotion and Facilitation Bill before President Nangolo Mbumba’s term ends. The bill, which has undergone extensive consultative engagement, aims…
Food Inflation Increase Forecasted Amid Persistent Drought
By: Hertha Ekandjo The First National Bank (FNB) has projected a modest increase in inflation for the food and non-alcoholic beverages sector, forecasting a rise to 4.7% year-on-year (y/y) in July 2024, up from 4.3% in June. This anticipated…
Mbumba Wants Commercial Banks to Actively Participate in National Development
By: Hertha Ekandjo President Nangolo Mbumba has urged local banks to adopt a more proactive stance in funding small and medium-sized enterprises (SMEs) to develop the economy. He called on them to explore avenues that significantly reduce collateral requirements…
NamWater Faces Financial Strain Due to Unpaid Bills
By: Justicia Shipena The Namibia Water Corporation (NamWater) is grappling with significant financial challenges, primarily due to unpaid bills by its customers. NamWater CEO Abraham Nehemia highlighted this issue recently, noting that in 2022, NamWater reported being owed a…