The Bank of Namibia says there was a lower demand for credit in the third quarter of the year. According to the Quarterly Bulletin for Private Sector Credit Extension (PSCE), credit extension slowed due to lower demand and business repayments. Central bank spokesperson Kazembire Zemburuka says the economy grew by 7,2% in the quarter under...
Household credit extension remains a key driver in the growth of Private Sector Credit Extension, exhibiting a moderate increase of 4.2% y/y in October 2023. According to Simonis Storm, this is an escalation from the 2.8% y/y growth seen in October 2022, albeit a slight decrease from the 4.3% y/y recorded in September 2023. “The...
Credit Suisse loaned hundreds of millions of dollars to Abramovich’s offshore companies, which used U.S. stocks as collateral, two new leaks reveal. The secretly-owned firms loaned each other massive sums that were mysteriously returned or written off, in what experts said could be a scheme to obscure the origin of the funds. Russian oligarch Roman...
Nedbank Namibia, one of the country’s leading banks, is set to play a pivotal role in supporting small and medium enterprises (SMEs) through a pioneering programme initiated by the Namibia Special Risks Insurance Association (Nasria). Participating financial institutions seek to address a significant hurdle faced by SMEs – the lack of collateral to secure business...
In a landmark event held at the Nampower Convention Centre, Hon. Ipumbu Shiimi, the Minister of Finance and Public Enterprises, lauded the inauguration of the FNB Namibia/NASRIA Credit Guarantee Scheme, emphasizing its potential to revolutionize the landscape for Small and Medium Enterprises (SMEs). The scheme is poised to not only bolster the SME sector but...
The Development Bank of Namibia (DBN), Kongalend financial Services (Pty) Ltd and Bellatrix SME Finance (Pty) Ltd have all joined forces with the Namibia Special Risks Insurance Limited (NASRIA) on the Credit Guarantee Scheme (CGS). Launched in August 2020 by Minister of Finance and Public Enterprises, Ipumbu Shiimi, the CGS provides collateral cover of 60%...
Employees in the Office of the President have access to unlimited credit cards, intended to use for projects. This was revealed yesterday during a public hearing before the parliamentary standing committee on public accounts. The Presidency was called by the committee to answer for the state of its financial affairs. The office got a qualified...
The Namibia Financial Institutions Supervisory Authority (NAMFISA) hosted a public consultation meeting on Thursday to address and discuss the legislative challenges posed by the Consumer Credit Bill (CCB), a piece of legislation with far-reaching implications for all, from consumers to financial institutions and regulatory bodies. The Bill intends to create fair and transparent rules within...
Martin Endjala Despite the repo rate holding steady at 7.75 percent, corporate credit uptake remains weak due to the private sector’s reluctance to borrow under the current unfavourable economic conditions, where both economic activity and interest rates fail to stimulate credit demand for businesses. Economist and Independent Bank Researcher, Josef Sheehama provided this insight in...
By Bank Windhoek’s Executive Officer of Credit, Eddie King. Imagine John, a 35-year-old professional. In his 20s, he juggled multiple credit cards, often reaching their limits and only managing minimum payments. By 30, he faced mounting interest, a declining credit score, and challenges securing a car loan. However, after seeking financial counselling, consolidating his debts...