Residents of the ||Kharas Region have welcomed the objectives of the draft Credit Consumer Bill (CCB) but called for wider control measures to be introduced. They shared their sentiments during a consultation meeting with the Namibia Financial Institutions Supervisory Authority (NAMFISA) at Keetmanshoop. Those in attendance at the consultative meeting raised concerns about debt collectors,...
Namib Desert Diamonds (Pty) Ltd (Namdia) has emphasized that its strategy of both procuring diamonds in US dollars from its suppliers and selling diamonds in US dollars to its customers serves as a natural safeguard against currency risk. The company operates with three bank accounts denominated in US dollars, exclusively for diamond trading purposes. In...
Private sector credit extension grew by 2.2% year-on-year in August 2023, down from 2.6% in July. Credit to the private sector has been below 5% since January 2021, with 2023 not surpassing 4%. Key sectors like transport, fishing, services, and wholesale/retail have been reducing their credit usage. Simonis and Storm Research Assistant, Angelique Bock explains....
Martin Endjala Despite ongoing progress in the usage of consumer credit information in Namibia, there is still a perception that blacklisting is used to deny consumers access to credit, this is an outdated concept and an inaccurate term. This is according to TransUnion Namibia Chief Executive Officer Lara Burger, while responding to Windhoek Observer questions...
London, Sept. 12, 2023 (GLOBE NEWSWIRE) — The Prax Group (“Prax”) – a British multinational, independent global energy conglomerate dealing in crude oil, petroleum products and biofuels, with a complete integration across the oil value chain, from upstream to midstream and downstream – has announced the successful closing of a new privately placed c.US$300 million...
While there’s not yet a measure of how many credit eligible consumers there are in Namibia, we estimate that just 360 000 of credit-eligible Namibian consumers are visible to banks and other financial service providers through credit bureaus. This means that approximately 1,2 million adults in the country are likely to encounter challenges when they...
The Namibia Financial Institutions Supervisory Authority, under the guidance of the Minister of Finance and Public Enterprises, is spearheading the creation of the Consumer Credit Bill. The industry and the public are encouraged to contribute their insights through the Comments Template, available until December 31, 2023. Victoria Muranda, spokesperson for Namfisa. https://futuremedia.com.na/wp-content/uploads/2023/08/ENG-Victoria-Muranda-credit.mp3 Source link
Research firm, Simonis storm has said that due to due to uncertainty around interest rates, clients are hesitant to sign loan agreements and are waiting to see where interest rates are headed before taking on debt to start their projects. Subsequently therefore, the firm expects potential pipeline of projects to boost credit uptake by the...
The consumer credit bill (CCB), a new law that seeks to enhance consumer protection as it relates to financial services issued by non-banking companies, has finally been approved and is now open for public consultation. These consultations will start next month and will have credit providers (such as microlenders, banks, retail stores offering credit, pawnshops,...