Banks

31 Mar

Tourism is too big to fail . . . banks must step up in this time of crisis

ObserverNational NewsBanks, Covid-19, Namibia, tourism

The financial crisis that the country has experienced over the last three years is heightened for the tourism sector due to COVID-19. The sector is drowning right now with a lockdown and closed borders. There will be major business contractions in 2020; this is unavoidable. But, some industries are “too big to fail”. Tourism (including restaurants/cafes, professional hunting and communal conservancies) is one of them. The banks must take the lead, along with government and the private sector, to make tangible, well-considered bailout plans to save the stronger parts of the industry before it is too late. We note that…

Banks dodge loan relief

ObserverNational NewsBAN, Bank of Namibia, Banks, Covid-19, Namibia Chamber of Commerce and Industry, Standard Bank

Staff Writer Namibian banks are reluctant to offer relief packages to their clients in the wake of the coronavirus pandemic as the country battles to contain any possible transmission from the 11 confirmed cases, despite banks in other countries including South Africa having done so. This comes amid calls for banks operating in Namibia, which have been recording multimillion-dollar profits over the many years, to assist their clients during this period. In South Africa, Standard Bank announced that it will offer a three-month payment holiday for students with loans and small businesses with a turnover of less than N$20 million…