Windhoek Observer

CHAMWE KAIRA The Bank of Namibia has granted a provisional banking license to Access Bank, a Nigerian listed bank, with the goal of becoming a Tier 1 bank on the Namibian market. Head of the Access Bank Namibian project, Oluseun Onasoga, said in an interview that in every market that Access Bank operates in, its ambition is to be in the top five on the market. “We don’t want to play small. You have to have the required capital to ensure that you can support your strategic game plan. Our entry into Namibia is not to be a small player,”…

CHAMWE KAIRA In 2023, PPS Namibia said it delivered a satisfying performance, surpassing most competitors despite navigating a challenging, low-growth economy. PPS Namibia recorded an operating profit of N$49.3 million. The total net (of reinsurance) claims increased from N$73.6 million to N$83.3 million. Gross insurance premium revenue increased year over year by 9%, from N$213 million to N$233 million. The company said its members in Namibia also benefited from the favourable investment market returns in 2023. Investment returns distributed to members’ PPS Profit-Share Accounts have increased from N$4.7 million in 2022 to N$176.9 million in 2023. “We continue to adhere…

CHAMWE KAIRA Bannerman Energy Ltd. executive chairman, Brandon Munro, has disclosed that the September quarter marked another period of strong progress for Bannerman as the company advanced its Etango uranium project in the Erongo Region toward a final investment decision. “Our strong balance sheet and flexible approach to project development enable us to exercise a gated approach to Etango development, with phased green lighting of various construction works in line with advancement across broader project work streams and financial capacity. The success of our recent A$85 million equity placement delivered us the ability to move into the next phase of…

CHAMWE KAIRA The Bank of Namibia has disclosed that the price of gold trended higher over the past two-month period, buoyed by safe-haven demand. Likewise, zinc and copper prices increased over the same period, partly due to relatively lower global interest rates and a weaker US dollar exchange rate, the central bank said. The central bank said that while the uranium spot price initially fell toward the end of August, reflecting softening market fundamentals and market rebalancing, it recovered in the subsequent six weeks. Meanwhile, diamond prices have stabilised amid increased rough diamond inventories in India. “Weaker global demand, particularly…

CHAMWE KAIRA Economic indicators in September showed positive trends, including a month of lower interest rates since May 2023, a stronger rand/Namibian dollar, and easing inflation below the 4% mark, Simonis Storm has revealed. The firm said lower fuel prices further bolstered consumer and business confidence, offering relief to household budgets. Although the July increases did not continue in August, the commercial vehicles segment has shown a positive trend in recent months, boosted by the mentioned macro factors. The firm said as the country anticipates further interest rate reductions, the costs of borrowing are expected to decline, which may stimulate…