Observer Money (OM): Describe the year 2023 in terms of the business environment?
Sakaria Nghikembua, CEO of Momentum Metropolitan Namibia (SN): Overall, the business environment remained challenging. Interest rates reached their all-time high in over 10 years. Inflation also remained relatively high. Both high interest and inflation rates, have had the effect of reducing disposable incomes, putting strain on consumers. On the other hand, the economy has started picking up, somewhat counterbalancing the interest- and inflationary effects, though economic growth rates remained fairly low. On the whole, though, the environment remained positive for business.
OM: What was the biggest challenge that Momentum Metropolitan Namibia faced in 2023?
SN: The business environment. We have had to find ways of innovating to still grow, despite the challenging economic environment. Based on our good results and the recent Business Awards we won, we were clearly able to overcome any challenges we faced in 2023.
OM: What is the company looking to achieve in 2024?
SN: We look forward to further enhancing our customer experience and growing our customer base. From an economic environment viewpoint, we expect 2024 to be a more stable year. So, we look forward to consolidating our position in the market.
OM: What do you see as the biggest possible challenge in 2024?
SN: We do not foresee any abnormal challenges at this stage. The economy seems set to expand further, with both inflation and interest rates expected to either hold steady or decline in 2024. This should create a good platform for enhanced growth. We are quite bullish about 2024.
OM: What is your final message for your stakeholders?
SN: We are grateful for their support: our clients, employees, the regulator and shareholders. We expect to continue working together with them in 2024 and beyond, to make Momentum Metropolitan truly great.
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