Observer Money

Standard Bank has acknowledged that client data stolen in a cyber incident first disclosed on 23 March, “now appears to have been published” online, marking a significant escalation in what appears to be one of South Africa’s most serious financial services data breaches. The data involved includes client names; ID and company registration numbers; contact details; and account numbers, the bank said in an updated statement. A limited set of client credit card details, including card numbers and expiry dates, was previously confirmed as affected. CVV numbers were not compromised. The bank said affected cards were being proactively replaced and…

Chamwe Kaira  Namibia Power Corporation (NamPower) has listed its N$5 billion domestic medium-term note programme on the Namibia Securities Exchange (NSX). The programme was listed with support from co-lead arrangers Cirrus Securities and Nedbank Namibia. The N$5 billion programme allows NamPower to issue different types of notes over time, including green and sustainable notes.  The aim is to raise funding that matches its planned projects and financing needs. The listing followed two years of preparation. This included drafting the programme memorandum, securing legal and regulatory approvals, and working with the NSX. Cirrus led the document preparation for the listing. Nedbank…

Chamwe Kaira  The Namibia Deposit Guarantee Authority (NDGA) says its Deposit Guarantee Fund increased to N$40.1 million in 2025. The fund grew from N$30.3 million in 2024, recording a net increase of N$9.7 million. The head of the NDGA Florette Nakusera said the growth was supported by N$6.4 million in premium contributions from member institutions and investment returns. The authority’s investment portfolio recorded a return of 8.1% during the year.  This was above its benchmark, the Alexander Forbes Short-term Fixed Interest 3-month Index, which returned 7.3%. Nakusera said the performance reflects the authority’s investment approach. She said the results strengthen…

Chamwe Kaira  PSG Financial Services said its Namibian operations influenced its latest results, with growth in its insurance business held back by the sale of its Western Namibia unit. For the year ended 28 February 2026, the group reported that gross written premiums in its insurance division increased by 5% to N$8 billion.  It said premium growth would have reached 7% if the Western Namibia business had not been sold to Santam Namibia. The disposal generated a one-time profit of N$56.5 million and forms part of the group’s capital optimisation strategy. The group reported higher earnings for the period. Recurring…

Chamwe Kaira The Chamber of Mines of Namibia says the outlook for gold has strengthened as the country prepares to accumulate refined gold as part of its foreign reserves.  This follows a memorandum of understanding between the Bank of Namibia (BoN) and QKR Navachab Gold Mine. Under the agreement, locally mined gold will be refined at the Rand Refinery in South Africa before being purchased by the central bank.  The Chamber says this introduces a new source of institutional demand and reinforces the role of domestic gold production. Gold prices remained strong in February 2026, averaging US$5,019.97 per troy ounce. …

Chamwe Kaira Sanlam Life Insurance Limited has announced plans to issue notes under its ZAR12.5 billion subordinated note programme, in line with its updated programme memorandum. The programme allows the insurer to borrow up to N$12.5 billion from investors by issuing debt securities known as notes. The programme was first set up in July 2006 and has been updated in 2013, 2016 and 2021. It allows Sanlam Life to raise funding over time by issuing subordinated notes on a continuous basis.  The notes may be issued through one or more appointed dealers, depending on each transaction. Details of each issuance…

Chamwe Kaira Ninety One has reported an increase in assets under management to about N$4.1 trillion as of 31 March 2026. This is up from N$3.1 trillion a year earlier and N$3.8 trillion at the end of December 2025. The latest figure includes about N$395 billion from the transfer of Sanlam Investment Management’s active asset management business in South Africa. The transfer was completed on 1 February. Ninety One is expected to publish its full-year results for the period ended 31 March on 3 June. The transaction forms part of a partnership between Ninety One and Sanlam. The deal was…

Staff Writer Capricorn Foundation and its partners have launched the Agripreneurial Innovation Challenge. This is a national initiative aimed at supporting job creation and innovation in Namibia’s agriculture sector. The challenge is run in partnership with Basecamp Business Incubator, Network for Global Innovation and the United Nations Industrial Development Organization. The programme provides a platform for early-stage innovators and entrepreneurs to test ideas.  It also offers mentorship and support to develop solutions that address unemployment, food security and sustainability. The challenge will run for four months. It combines learning, mentorship and practical support. It aims to equip participants with skills…

Chamwe Kaira  Sintana Energy Incorporated plans to list on the Namibia Securities Exchange (NSX) as it moves to open investment opportunities to local investors. The company has appointed IJG Securities as its sponsor and corporate advisor. It has also started discussions with the exchange to be admitted for trading. Once listed, the company plans to explore ways to improve share liquidity for Namibian investors. The director of Sintana and chairman of Custos Energy Knowledge Katti said the listing is part of a long-term goal to increase local ownership in the energy sector. “It has always been my vision to see…

Chamwe Kaira  Ongwe Minerals Incorporated has completed all requirements for a dual listing on the Namibia Securities Exchange (NSX), with trading set to begin on Wednesday. The company is a Canadian-listed gold exploration firm focused on finding and developing gold deposits in Namibia. Its primary listing will remain on the TSX Venture Exchange. Ongwe Minerals chief executive officer Dave Underwood said the listing strengthens the company’s presence in Namibia’s capital markets. “The dual listing of Ongwe on the Namibian Securities Exchange is a very important step in building Ongwe’s local Namibian capital markets presence. Ongwe is fortunate to have a…