Staff Reporter THE Namibian banking sector put up a total of 277 homes for auction due to defaulting customers, out of which only 71 homes were sold, with a total value of N$85.9 million. As of December 31, 2023, the collective home loan portfolio amounted to N$50 billion, serving a clientele of 68,414 individuals. This...
Omaheke’s Regional Governor Pio Nganate says the region is banking on upcoming exploration endeavours in copper and uranium mining to drive economic revitalisation and diversification. He stated that upcoming mining activities signify a significant change in the region’s economic focus. This shift aims to lessen dependence on agriculture, the traditional economic driver, as Omaheke contends with...
… 71 homes auctioned off last year During a heated parliamentary standing committee debate, lawmakers criticised commercial bank executives, accusing them of adopting a profit-driven approach reminiscent of mafia tactics – especially considering high interest rates on loans. The parliamentary standing committee on economics and public administration yesterday met with representatives from the Bankers Association...
Standard Bank has announced the appointment of Tomas Iindji (MBA) as the new Head of Business and Commercial Banking for Blue Bank, effective February 15, 2024. Iindji is a seasoned and talented banker with over twenty years of experience in the Namibian banking sector. Prior to joining Standard Bank Namibia, he served as the Head...
Namibia is aiming to utilise its recent discoveries of oil and gas reserves in the Orange Basin and its abundant renewable energy resources, with several green hydrogen projects underway, to stimulate economic growth. President Nangolo Mbumba said the developments are expected to stimulate further growth in adjacent industries, including logistics, agriculture and sustainable manufacturing. “This...
Minister of justice Yvonne Dausab is expected to operationalise a new law protecting homeowners against bank repossessions due to loan defaults. On 21 December president Hage Geingob signed into law the Magistrates’ Courts Amendment Act of 2023 which protect homeowners. While there is no exact date for when the law would become operational, justice executive...
The suspension of unregistered SIM cards by the end of this month would have an adverse impact on service delivery and the general performance of banks, according to Martha Murorua, the managing director of Nedbank Namibia. Murorua has raised concerns about the disconnections, highlighting that it may also create room for fraud. This comes as...
The suspension of unregistered SIM cards by the end of this month will have an adverse impact on service delivery and the general performance of banks, according to Martha Murorua, Managing Director of Nedbank Namibia. Murorua raised concerns about the disconnections, highlighting that it may also create room for fraud. This comes as the deadline...
Total assets held by Namibia’s four largest local banks reached N$166.3 billion as of 30 June 2023, representing a 6% increase from the previous year’s N$157.4 billion, according to data from PSG Wealth Namibia. PSG’s 2023 banking review report confirms that First National Bank (FNB) and Bank Windhoek Limited (BWL) remain the dominant players in...