Observer Money

ANDREAS SHIPANGA Many of us envision having enough money to live well in retirement without worry. A life annuity is one type of financial product made to offer that financial benefit and peace of mind. To sufficiently plan and prepare, you should plan for your retirement as early as possible by ensuring you contribute sufficiently to your retirement savings or supplement this by investing in a retirement annuity. Try to decide what you will do with your retirement benefit at least three to five years prior to your retirement date to allow you to source more information about the retirement…

Martin Endjala On Wednesday, the Bank of Namibia (BoN) launched its 2025-2027 strategic plan to support Namibia’s financial sector with the best global practices and to leverage emerging technologies to foster inclusivity, sustainability, and economic prosperity. The launch is said to be a bold move and a transformative vision for the future of central banking. It will also maintain macroeconomic stability, drive innovation, and foster resilience. According to Naufiku Hamunime, the bank’s acting director of strategic communications and international relations, a strategic plan is a carefully crafted game plan for addressing the challenges and opportunities of a rapidly evolving global…

Martin Endjala Namibia’s Mobile Telecommunication Limited (MTC) on Monday announced a revenue growth of 5.58%, or N$3.2 billion for the just-concluded financial year end of 2024. It was a significant improvement compared to the N$3 billion in revenue for 2023. MTC’s managing director, Licky Erastus, made the announcement during the company’s annual financial performance review for the year ending 2024. Erastus attributed the revenue growth to increased demand for high-speed data connectivity, new innovative products and services, growth in roaming, and most importantly, a dedicated customer-centric staff that believes in creating a memorable experience for customers. MTC recorded growth of…

Erasmus Shalihaxwe Namib Desert Diamonds (NAMDIA) generated a total of N$ 1.4 billion from the sale of 191 426 carats of diamonds in 2024. NAMDIA’s Public Relations and Communications Officer, Beverley Coussement told the Windhoek Observer newspaper during an interview over the weekend that the company despite challenges faced by the global diamond industry in 2024—marked by subdued demand due to economic headwinds and shifting consumer spending patterns—remained resilient and is navigating through tough times to meet its mandate. “There is growing optimism driven by increased demand for responsibly sourced diamonds and a renewed focus on sustainability across the value…

CHAMWE KAIRA The CEO of Andrada Mining, Anthony Viljoen, has said continued investment in exploration, metallurgy and asset development has earned the company the social license to operate and established strategic world-class partnerships. “During the interim period, we secured debt funding arrangements with established lenders, including Standard Bank of Namibia (tin hedge) and Bank Windhoek, for the implementation of our exciting growth projects,” he said this when he announced the unaudited interim results for the six months ended 31 August. Andrada’s assets are located in the Erongo region, a metallogenic jewel of northwest Namibia. Deposits of base, technology, precious metals,…

CHAMWE KAIRA Goods worth N$3.7 billion, representing 43,2% of total exports, left the country by sea in October, according to the International Merchandise Trade Statistics, released by the Namibia Statistics Agency. The basket of exports via sea comprised mainly of uranium, fish and ‘nickel ores and concentrates.’ Airborne exports made up 31,6% of total exports, primarily consisting of non-monetary gold and precious stones (diamonds). Road transportation accounted for 25,2%, with petroleum oils, fish and fertilizers being the highest-valued commodities transported via the respective mode. In terms of volume, a total of 358 985 tons of goods left the country, representing…

CHAMWE KAIRA Nictus has announced the acquisition of the Build It Walvis Bay branch. The company said this strategic addition to the group’s diversified portfolio reinforces Nictus’ commitment to growth, community development, and service excellence. The Build It Walvis Bay branch has been a cornerstone of the local community, recognised for its high-quality products and exceptional customer service. “Through this acquisition, Nictus aims to further enhance the customer experience, strengthen its presence in the construction and hardware market, and contribute to the economic and social development of the Walvis Bay region,” the company said. Under Nictus’ leadership, the branch will…

Namibia aims to follow Botswana in establishing a certification point for rough diamonds entering Group of Seven (G7) countries next year. Discussions are underway for additional nodes in Namibia and Angola. The development follows widespread opposition to a plan for Antwerp to be a ‘single node’ through which all rough destined for G7 markets would pass to ensure it is not subject to Russian sanctions. The three producer nations protested against the original plan earlier this year, claiming it would penalize them. This prompted a G7 technical team to visit Namibia in September, said Mekondjo Kaapanda-Girnus, the country’s ambassador to…

Pick n Pay has announced the successful conclusion of its two-step recapitalisation plan, first announced in February of this year, a critical milestone in its strategy to restore the performance of Pick n Pay supermarkets and position the group for long-term sustainable growth. The company said the recapitalisation plan, completed in just nine months, received strong shareholder support. The Pick n Pay Rights Offer, the first step of the plan, was more than double oversubscribed, and raised N$4 billion in August. The Boxer IPO, the second step, in which Boxer shares worth N$8.5 billion were placed at N$54, attracted significant…

CHAMWE KAIRA Governor of the Bank of Namibia Johannes ǃGawaxab has said cybercrimes affecting commercial banks are a matter of when and not if they will happen. Responding to a question on how far the central bank has gone into the investigations on the recent hacking of Standard Bank Namibia, in which clients lost money, !Gawaxab said in terms of cybercrimes: "It’s not whether we will be attacked. It’s a question of when and how do we respond when we are attacked, and how long does it take to get out of the attack,” he said. He pointed out that…