Observer Money

Staff Writer  Erongo Red employees will now be able to invest through salary deductions after the company recently formalised a payroll deduction agreement with NAMITVEST at its head office in Walvis Bay.  The initiative allows Erongo Red employees, especially members and former members of the Mineworkers Union of Namibia (MUN) and their dependents, to invest in Just Transition Investment (JTT) Namibia Limited through automatic deductions from their salaries.  It creates a structured pathway for workers to build personal wealth, accumulate assets, and participate in the company’s growth. NAMITVEST principal officer Jason Kasuto said the payroll initiative “ensures financial security through…

Nedbank Namibia hosted its second annual staff market day at the Nedbank Campus in Windhoek, reaffirming its commitment to nurturing employee entrepreneurship, creativity, and multidimensional talent. The initiative, part of Nedbank’s human capital strategy, gives employees a platform to showcase their personal business ventures, often referred to as side hustles, outside of their formal work duties. This year, 17 employees took part, offering a mix of products and services that included home-cooked meals, handmade crafts, vintage clothing, natural haircare products, custom spices, and innovative items such as 3D-printed accessories and décor. Photo: Nedbank

Chamwe Kaira  The number of active long-term insurance policies grew by 13.1% to 2,166,896 by the end of 2024. The growth was mainly driven by a higher volume of new policies underwritten during the year. The sector recorded growth in its assets, supported by recoveries in both global and local financial markets. The value of assets rose by 12.9% to N$83.8 billion as of 31 December 2024. This increase was largely driven by an expansion of the investment portfolio. Excess assets increased by 15.4%, supported by stronger growth in total assets compared with total liabilities. The value of total liabilities…

Chamwe Kaira In 2024, the Namibia Financial Institutions Supervisory Authority (Namfisa) received the highest number of complaints against the long-term insurance industry, totalling 138.  The short-term insurance industry followed with 89 complaints, while the microlending sector recorded 75.  Pension funds received 59 complaints, medical aid funds 10, and the capital markets industry two. Namfisa said consumer protection remains a top priority, with efforts aimed at building a financial environment where consumers are informed, protected, and confident in their dealings. The authority supervises both the long- and short-term insurance industries. Namfisa board chairperson Hettie Garbers-Kirsten said Namfisa safeguards consumers through regulations…

Staff Writer  A recent study shows that only 22% of Namibians feel confident about their retirement savings, while nearly half have not started saving.  The Old Mutual Namibia 2024 Old Mutual Financial Services Monitor (OMFSM) revealed that many people are under pressure, putting off big expenses, dipping into savings, or borrowing from friends and family to get through the month. The study found that although there is a strong desire to save, most people do not have enough left after covering basic needs. Financial stress remains a major challenge, with 52% of working Namibians saying they feel financially stressed. The…

Chamwe Kaira  The Namibia Financial Institutions Supervisory Authority's (Namfisa) income for the financial year ending 31 March 2025 rose by 11.7% to N$312.3 million from N$279.5 million in 2024.  Expenditure increased by 5.4% to N$268.3 million, while other comprehensive income amounted to N$2.5 million.  This resulted in a total comprehensive surplus of N$46.5 million compared to N$37.7 million the previous year.  The surplus exceeded the budgeted surplus of N$81,202, supported by expenditure control and sustained revenue growth, the authority said. Levy income, which makes up most of Namfisa's non-exchange revenue, grew by N$36.2 million (14.2%) to N$291.7 million from N$255.5…