Over 90% of Namibian depositors are covered under the Deposit Guarantee Scheme which aims to protect depositors from the loss of their deposits by compensating them in the unlikely event of a commercial bank failure. The Scheme adopts a guaranteed coverage limit of N$25,000 which is currently in effect. The Namibia Deposit Guarantee Act, 2018...
The Ministry of Agriculture, Water and Land Reform says it is seeking an 84% budget boost to bridge the budget shortfall, with N$400 million urgently needed for the 2024-2025 fiscal year. This comes as only N$65 million has been allocated to agriculture for the 2024-2025 financial year, representing a mere 16% of the required funds...
Staff Reporter COENRAAD Botha, who stands accused of receiving deposits from the public amounting to N$163 million without having a banking license, has said that he strengthened his business relations in Namibia after being told by Presidential candidate Ally Angula that the Bank of Namibia offered a “sandbox environment” for fintech startups. Botha and his...
Accountant and insurance consultant Michael Hough Bronkhorst is being accused of fraud and theft involving N$103 million in an affidavit filed at the Windhoek High Court. A company claiming to have uncovered the fraudulent loan scheme has obtained a provisional court order for the sequestration of the personal estate of the Windhoek-based chartered accountant. The...
Hertta-Maria Amutenja The Ministry of Industrialisation and Trade (MIT) and the Ministry of Works and Transport (MWT) have issued a stern caution to the public regarding a fraudulent bid invitation circulating in the public domain. Under the guise of legitimate government initiatives, this fraudulent scheme has been soliciting funds from both local and international investors,...
The Bank of Namibia has concluded an investigation into the alleged unauthorised banking activities of CBI Exchange Namibia and Coenraad Botha and the case is now in court. According to the spokesperson of the Bank of Namibia, Kazembire Zemburuka, the duo is suspected of engaging in banking transactions, including receiving, accepting, or taking deposits from...
The Bank of Namibia has concluded an investigation into the alleged unauthorised banking activities of CBI Exchange Namibia and Coenraad Botha and the case is now in court. According to the spokesperson of the Bank of Namibia, Kazembire Zemburuka, the duo is suspected of engaging in banking transactions, including receiving, accepting, or taking deposits from...
Martin Endjala The Environmental Investment Fund of Namibia (EIF) has revealed that it will be partnering with the Government Institutions Pension Fund (GIPF) to address the pension-backed home loan scheme for members. This comes after the EIF became aware of the unauthorised dissemination of a communique between the EIF and GIPF, addressing the pension-backed home...
Dominique Taillard, a participant in the Commercial Advancement Training Scheme (CATS) programme at Manica Group Namibia, has been selected for a prestigious 55-day exchange programme in Germany. The 19-year-old departed for Germany last week and is set to return to Namibia in March. Taillard expressed his enthusiasm for the CATS program, stating that he was...
The Ministry of Agriculture, Water and Land Reform is seeking consultant services for conducting a feasibility study for the first phase of the Neckartal irrigation project. The consultant will further create a preliminary design, detailed design, tender documentation, contract administration and site supervision, as the Ministry seeks to allocate the 5,000 hectares of irrigable land...