Niël Terblanché
The Mineworkers Union of Namibia (MUN) has unveiled a suite of new financial products for its members, providing them with expanded opportunities through the Namibia Miners Investment Trust (NAMIT) Education Fund.
The announcement was made during the union’s recent Indaba, which took place in Swakopmund and was attended by MUN leadership from various parts of Namibia, NAMIT management, and technical partners from Legalwise in South Africa.
MUN President Ismael Kasutasai expressed the union’s commitment to meeting the needs of Namibian workers. “At the MUN, we always put the needs of Namibian workers as our motivation. This does not only mean favourable working conditions, but we also want miners to benefit beyond their employable years,” he said.
The newly introduced financial products encompass various aspects of education, employment, and legal support for miners.
One of the key offerings is NAMITVEST, which enables miners, former miners, and their descendants to invest in stocks, providing unparalleled benefits to members.
The NAMIT Education Fund is a vital initiative aimed at assisting the dependents of MUN members and ex-members in pursuing higher education at universities, vocational training colleges, or other educational institutions within Namibia.
“We subscribe to the often-repeated mantra of the late and Great Dr. Abraham Iyambo who said: ‘Education is the greatest equalizer.’ We are proud that we can help our members and their descendants take the first step on the journey that will lead them to a better life. We look forward to sharing the impact of this fund with you all shortly,” Kasuto said.
The NAMIT SME Fund was established to support the economic activities of MUN members and their descendants, particularly Micro, Small, and Medium Enterprises (MSMEs). Registered members, ex-members as of June 1, 2020, and their dependents with purchase orders or approved invoices can apply for up to N$150,000.
These funds can be repaid within three months and are managed by Bellatrix Investment Managers.
Mr. George Ampweya, General Secretary of MUN, stressed the importance of the fund.
“Some of the commodities that are mined are highly volatile with prices easily influenced by circumstances beyond our control. For this reason, the MUN wants its members to have a strong footing in the economic sector. Often access to a line of credit is the difference between taking the next step and a MSME failing. With this Fund, we are giving a vote of confidence in our members,” he said.
In another pioneering move, the NAMIT Legal Plan provides registered MUN members, ex-members, and their descendants with access to comprehensive legal services. The MUN is the first union in Namibia, and possibly the entire SADC region, to offer full legal coverage for its members.
The successful launch of these benefit programs was celebrated at the Indaba and attended by MUN leadership from different regions, NAMIT management, and David Klark, a member of the Legalwise technical partners from Cape Town, South Africa.
All three benefit programs are already active and accessible to members.
MUN members, ex-members, and descendants can look forward to a promising 2024, with the union’s ongoing commitment to providing innovative and tailored products to meet their needs.
Earlier in 2023, the MUN also introduced a dedicated Women’s Desk and NAMITVEST, which allows miners to invest in stocks.
