Niël Terblanché
The Government Institutions Pensions Fund (GIPF) and the Namibian Government will sign an agreement that will enable public servants to lend against their pension to build or buy their own homes.
David Nuyoma, the outgoing Chief Executive Officer of the Government Institutions Pension Fund (GIPF) during a courtesy call on President Hage Geingob at State House, shared the good news and added that the fund has already taken a decision about the matter
“We crafted a mechanism that will allow members to use their pension credit to create their own dwellings to shelter themselves. We did this because we found that only about 30 percent of civil servants have formal shelter,” he said.
Nuyoma added that the lenders will also be able to use such loans in unproclaimed areas of the country.
“I hope to sign the agreement with the government before I leave office. The documents will be put to paper in the next few weeks,” he added.
Nuyoma thanked the government for creating an enabling environment that allowed the fund to flourish.
“The fund is currently in an excellent position because we were able to add N$100 billion to its value,” he said and added that when he started out, the fund was valued at N$58 billion.
The outgoing CEO added that he is thankful for the autonomy that was granted to the fund to act in the best interest of its members.
He said the fund was able to assist in the construction of thousands of low-cost houses for people that reside in Otjomuise, Keetemanshoop, Katima Mulilo, Walvis Bay Eenhana, Swakopmund and Osona.
Nuyoma said that the fund under his leadership enabled the institution to implement measures that shortened the period of pension payouts to beneficiaries.
He said that certain claims from beneficiaries can be processed in less than 24 hours because of the measures that were implemented.
During the farewell visit, President Geingob thanked Nuyoma for his exceptional and effective leadership at the helm of the GIPF.
Nuyoma served as the CEO of GIPF since 2013. He will continue in the position until his replacement has been appointed by the board of the fund.
