Observer Money

Martin Endjala The Bank of Namibia (BoN) on Friday launched the Instant Payment Project initiative that is set to revolutionise financial services across Namibia. The BoN Governor, Johannes !Gawaxab said the project aims to introduce an instant payment solution that is efficient, instantly accessible and designed for inclusivity. "The project aims to significantly broaden financial inclusion by providing essential and affordable financial services to all whilst focusing on the rural and informal sectors which face logistical and financial challenges in accessing conventional banking services," he said The targeted rollout is 2025. !Gawaxab explained that the platform will be accessible from…

Niël Terblanché The parliamentary standing committees on natural resources, economics, and public administration have called attention to what they perceive as inadequate efforts by mining companies in Namibia regarding their corporate social responsibilities. The findings, which stem from a series of meetings last year to enhance the sectors' contributions to the nation's development goals, were recently presented in the National Assembly. According to the chairperson of the parliamentary standing committee on natural resources, Tjekero Tweya, it has come to light that the execution of corporate responsibilities by mining firms is voluntary rather than legally enforced. “The findings raised some questions…

Martin Endjala NamPower inaugurated the newly constructed Auas-Gerus 400 kV transmission line that runs from the Auas transmission station outside Windhoek to the Gerus transmission station near Otjiwarongo. The line valued at N$870 million was inaugurated on Friday. NamPower’s managing director, Kahenge Haulofu said this will enable the power utility to continue delivering on its mandate, by ensuring continued and reliable power supply. "The transmission line will allow for an increased transfer capacity to NamPower's transmission customers and will enhance the company's ability to trade electricity between other countries within the Southern African Power Pool (SAPP)," said Haulofu. He said…

CHAMWE KAIRA New TransNamib Holdings CEO, Desmond van Jaarsveld believes that leading the stateowned enterprise presented a chance for him to contribute to the growth and development of Namibia's logistics sector. “I was particularly drawn to TransNamib's strategic vision and its potential for transformation. My goal is to build upon this vision by shaping and executing strategic initiatives that drive positive change and enhance operational efficiency,” he said in an interview. He added that serving as the CEO of such a key state-owned enterprise reflects his commitment to contributing to national development and infrastructure improvement in Namibia. “My primary motivation…

CHAMWE KAIRA The projects in the investment pipeline by Namibia Investment Promotion Development Board have the potential to generate 40 000 direct and indirect job opportunities in Namibia. The country saw a total of N$2,8 billion invested in 2023. In 2022, the Greenfield FDI Performance Index that assesses the FDI that countries have attracted in proportion to the size of their economy ranked Namibia as number in Africa and 13th globally, respectively. Chairperson and Chief Executive Officer of the Board, Nangula Uaandja said emerging from a challenging period of economic recession, exacerbated by the COVID-19 pandemic, the economy has shown…

CHAMWE KAIRA Namibia is set to become a major African player in the oil and gas industry and the country is drawing investments interests from around the world as witnessed at the oil and gas conference held in Windhoek this week. For the last six years, the country has hosted the Namibia International Energy Conference but this this year’s conference under the theme ‘Reimagine Resource-Rich Namibia: Turning Possibilities into Prosperity, ‘was special because it came at a time when Namibia has discovered huge oil reserves. Namibia has a potential of 11 billion barrels equivalent of crude oil reserves offshore. The…

CHAMWE KAIRA The Namibia Stock Exchange listed renewable energy company, Alpha Namibia Industries Renewable Power Limited (ANIREP) is set to launch its green bond on the back of a favorable rating by S&P Global Ratings. The company's generation mix is currently 100% solar and most of the proceeds under the framework will be used to finance renewable energy, with a focus on solar. The company is in the process of registering a N$5 billion Domestic Medium Term Note Programme with the Namibia Stock Exchange The debut issue is expected to be launched in the second quarter of this year, with…

CHAMWE KAIRA FlyNamibia says oil and gas exploration is becoming increasingly important for its operations with Lüderitz at the centre of it all. General manager, Nerine Uys said the oil and gas this sector is critical to its operations, especially considering that the company is currently subsidised by TotalEnergies. “However, we are in the process of testing the routes' sustainability on its own two feet. To aid in this process, we are working with TotalEnergies to release additional seats to the public,” Uys told Observer Money. Uys said this test, including the release of additional seats, will give FlyNamibia an…

Namibia’s diamond production for the first quarter ended 31 March, reached 600 000 carats and remained largely unchanged compared to the same period in 2023. The Bank of Namibia said in the March economic outlook that diamond mining sector is expected to slow to 2,1% growth in 2024 before rebounding to 5,7 % in 2025. The anticipated significant slowdown in diamond mining is attributed to low production on the back of unfavourable international prices coupled with subdued global demand for rough diamonds, the central bank said. Anglo American which owns De Beers said it recovered 6,9 million carats across its…