Observer Money

CHAMWE KAIRA Non-banking financial institutions regulated by the Namibia Financial Institutions Supervisory Authority (Namfisa) disbursed N$14.6 million to consumers in 2023 following successful appeals on various complaints lodged with Namfisa. This revelation emerged during a recent consumer education awareness meeting convened in the //Karas Region. Namfisa disclosed that grievances primarily stemmed from consumers signing blank or incomplete documents and encountering difficulty in understanding specific financial benefits or products due to inadequate or absent explanations during the sales process. Additional complaints encompassed non-payment of premiums and installments due to financial hardships and over-indebtedness, as well as the arduous cancellation procedures implemented…

CHAMWE KAIRA The Namibian Ports Authority (Namport) believes that the port of Lobito in Angola is a significant regional competitor due to its strategic location and infrastructure investments. The company believes that as an alternative gateway for landlocked countries such as the DRC and Zambia, the port has grown in recent years and has attracted cargo traditionally routed through the Port of Walvis Bay. Further augmenting the port’s growing stature is the 30-year concession that was signed at the end of 2022 for rail services and logistical support for the 1290 km Lobito Corridor. The corridor connects Lobito port to…

Bannerman Energy Ltd has announced the completion of a scoping study that evaluated future higher throughput and operating life cases for its flagship Etango Uranium Project in the Erongo Region. Bannerman said it remains fully committed to the timely development of the Etango project. The scoping study evaluation of the Etango projects was undertaken to demonstrate the potential technical and economic viability of subsequent expansion, the company said. The company expects the development of the project to cost US$320 million Bannerman Chief Executive Officer, Gavin Chamberlain, said: “Developing the world-class Etango Project at an initial 8 Mtpa throughput scale is…

Total new vehicle sales reached 1102 units in February, nearly matching the sales figures from February last year, which stood at 1103 units. This represents a slight contraction of 0.1% year on year but an increase of 16% month on month. Simonis Storm Securities said historically, February tends to witness higher sales volumes compared to other months, likely due to post-festive season recovery and tax-related purchases. Furthermore, in February, rental agencies purchased 38 new vehicles, all of which were Toyota passenger vehicles. “Interestingly, there was no recorded data regarding vehicles sold to the government, despite an increase in budget allocation,”…

Niël Terblanché Nedbank Namibia played host to the business community of Swakopmund and Walvis Bay where it facilitated a crucial discussion on the implications of the recently tabled 2024/2025 national budget. This forum provided an essential platform for dissecting the budget’s impact on the socio-economic landscape of Namibia. The event was marked by the insightful opening remarks of Nedbank Namibia’s Managing Director, Martha Murorua, who emphasized the bank’s dedication to aligning its operations with the national budget’s socio-economic objectives. Murorua stressed the transformative potential of every dollar lent, highlighting the bank’s collaborative approach with clients to identify and seize commercial…

Martin Endjala Namibia, through Mobile Telecommunication Limited (MTC) in collaboration with Huawei Technology, has today officially launched its first-ever fifth-generation (5G) trial intended to test the technology’s capabilities before commercialising it, with a set date yet to be announced. This follows the lifting of the moratorium on 5G by the government and the successful allocation of 5G spectrum by the Communication Regulatory Authority of Namibia (CRAN) to telecommunication players in Namibia. The plan was halted a few years ago due to conspiracy theories that 5G causes radiation-related illness and COVID-19. This prompted the cabinet to temporarily prohibit it for further…

Few events within the wine industry attract as much attention and excitement as that of the annual Wine Harvest commemorative event. The event takes place every year in February at the Groot Constantia wine estate and not only marks the birth of South African wine while calling for a blessing on the new harvest but most importantly, paying tribute to key individuals who have made exceptional contributions towards the ongoing success of South African wine. Over the years, many great wine legends have been recognised under the categories of Visionary Leadership (with the 1659 Award for Visionary Leadership), growing inclusivity,…

Onerous aviation regulations, stifling visa requirements, and a lack of cross-industry collaboration are hampering the Southern African Development Community's (SADC) economic potential. This was the resounding message from aviation experts at the recent Southern African Industrialisation Forum (SAIF) held in Sandton. “We can talk about a free trade area and regional integration, but if people and goods can't move efficiently, it's all just empty promises,” asserted SADC Business Council Tourism Alliance Lead, Natalia Rosa. “The current state of aviation in SADC is a massive own goal for our economies.” Achieving greater connectivity within the SADC aviation industry requires harmonising regulations…