Observer Money – Page 209 – Windhoek Observer

21 May

BoN declares WhatsApp Stokvel illegal

ObserverObserver MoneyBank of Namibia (BoN), WhatsApp Stokvel

Staff Writer The Bank of Namibia (BoN) has finally declared WhatsApp Stokvel illegal following an investigation into their operations. The announcement by the central bank comes amid growing popularity of WhatsApp Stokvel as a means of making additional income. According to the central bank, the operations of the WhatsApp Stokvel are similar to that of a pyramid scheme and thus violating the country’s banking laws. “The outcome of the investigation carried out has revealed that the business activities of the N$200 WhatsApp Stokvel constitute a pyramid scheme, and therefore, N$200 WhatsApp Stokvel is in contravention of section 55 (A) of…

21 May

Ministry aware of school re-opening risks

ObserverObserver MoneyMinistry of Education, Sanet Steenkamp

Andrew Kathindi The Ministry of Education says it is aware of the risks in reopening schools sooner than initially announced but feels it’s necessary as there is a “global move towards reopening schools.” The Education ministry this week announced that learners will be returning to schools in four stages, beginning with 3 June for grade 11 and 12 learners, followed by pre-primary to grade 3 on 22 June, then grades 7 to 9 and then lastly the remaining grades on 6 July and 20 July respectively. However, just this week a number of schools in France had to shut down…

20 May

Domestic travel won’t save tourism sector

ObserverObserver MoneyCovid-19, Gitta Paetzold, tourism

Andrew Kathindi Hospitality Association of Namibia (HAN) says domestic tourism which has been made possible following re-opening of the country in Stage 2 of the lockdown, will not save the sector. If relied upon, over half of sector could be wiped out by next year. “Domestic travel is a small ray of hope and it’s something to keep some of us busy for a while but it’s not going to save the tourism industry. If we were to rely on domestic tourism for the next year, we could see more than 50 percent of our industry closing down,” HAN Chief…

20 May

Farmers get 12 month holiday

ObserverObserver MoneyAgribank, Covid-19

Staff Writer Agribank has announced that it will offer farmers a 12 month installment holiday as part of the bank’s measures to cushion them against the negative impact of COVID-19. “Qualifying clients of Agribank are not mandated to pay the installment for a period of 12 months from the effective date of the Bank’s COVID-19 Relief and Stimulus package. The installment and the interest applicable to that installment will be capitalized,” Agribank CEO Sakaria Nghikembua said. “Existing arrears will not be capitalized; penalty interest of 1.5 percent will apply on arrears for relief period (down from 2 percent) and installments…

19 May

Niikondo appointed NUST acting VC

ObserverObserver MoneyDr Andrew Niikondo, Namibia University of Science and Technology, NUST

Staff writer The Namibia University of Science and Technology (NUST) Council has appointed Dr Andrew Niikondo as the university’s new Acting Vice-Chancellor, effective 19 May 2020. Niikondo’s appointment follows the expiry of the acting term of Morné Du Toit, who now reverts to his substantive position of Deputy Vice-Chancellor: Finance and Administration. Dr Niikondo is expected to serve for a period of six (6) months, or until the position is substantially filled, which ever date is earlier. “It is envisaged that the recruitment of the Vice-Chancellor will be concluded in the second half of the year. The Council is confident…

19 May

Trustco plans to retrench 300

ObserverObserver MoneyNeville Basson, Quinton van Rooyen, Trustco

Staff Writer Trust Holdings (Trustco), a company majority owned by its billionaire Managing Director, Quinton van Rooyen is planning to retrench over 300 employees. Information gleaned by the Windhoek Observer shows the company has already started the process at its Morse Investment and Northern Namibia Development Company units , and has now also written to all its employees informing them of the management decision, which is being implemented as part of cost cutting measures. “Given the current circumstances, market conditions and probability that the global economy would deteriorate even further, the decision to retrench employees in several of the operating…

19 May

Full tuition fees unfair – NANSO

ObserverObserver MoneyNANSO, NSFAF, NUST, UNAM

Andrew Kathindi The Namibia National Students Organisation (NANSO) says students should not have to pay full tuition fees while not receiving full tuition services. NANSO Secretary-General, Patience Masua speaking to Windhoek Observer, said it doesn’t make sense for education institutions to charge full school fees in the midst of the world wide pandemic and national state of emergency, given that all students have been at home. “No institution can demand full costs if they don’t deliver services at full capacity. If you’re not paying for electricity, water, full salaries etc, there’s no way that you can demand full fees. Even…

16 May

Northern learners face e-learning exclusion

ObserverObserver MoneyCovid-19, Education, Ohangwena, Oshana, Oshikoto, Otjozondjupa

Andrew Kathindi Over ‭240,000‬ learners in the Oshikoto, Oshana, Otjozondjupa and Ohangwena region will not be reached by e-learning as teachers scramble for alternative teaching methods, education ministry officials have noted.‬‬‬ The state of emergency that was put in place last month to mitigate the spread of COVID-19 has decimated the school calendar. It has ended face-to-face learning for learners and teachers until August. Since then, teachers have been mandated to reach students electronically through online and social media platforms like WhatsApp. Last week, education executive director, Sanet Steenkamp said after teachers returned to schools on 6 May, they would…

16 May

COVID-19 testing target only achievable in 5 years

ObserverObserver MoneyCovid-19, Namibia Institute of Pathology (NIP), PathCare Namibia, Zimbabwe

Andrew Kathindi It could take Namibia five years to reach the target of 200,000 tests for COVID-19 if the Ministry of Health’s target of 100 tests per day is the comparative standard. Deputy minister of health, Esther Muinjangue last week said the ministry is planning to execute 100 tests per day in an effort to reach the overall national target of 200,000 COVID-19 tests as announced by health minister Dr Kalumbi Shangula in April. At that pace, it will take Namibia just over five years to reach this intended target. This comes as the ministry is still to consider mobile…

14 May

SSC payouts expected next week

ObserverObserver MoneyCovid-19, Milka Mungunda, Social Security Commission (SSC)

Andrew Kathindi The Social Security Commission (SSC) expects to start making payouts of N$1,000 under its stimulus package to employees from sectors hard-hit by the impact of COVID-19 starting next week. The payouts which will total N$3,000 will be spread over a three month period to sectors such as construction, farming, transport, manufacturing, retail, domestic workers and entertainment among others. SSC Executive Officer, Milka Mungunda told the Windhoek Observer although the commission was still accepting applications from employers of employees affected, it was targeting a rollout date of next week. “We hope by next week because we are still busy…