Observer Money

CRAN about SIM registration positives

CRAN about SIM registration positives

CHAMWE KAIRA Critical sectors at risk of cybercrimes in Namibia identified by Communications Regulatory Authority of Namibia (CRAN) include energy, communications, data centres, finance, transport, water and government administration. CRAN is in the middle of enforcing a mandatory SIM Card Registration in the country and has cited cybercrimes as one of the many reasons why SIM cards must be registered. CRAN CEO, Emilia Nghikembua points out that the use of mobile phones delivers significant economic and social benefits and plays a key role in enabling digital inclusion and delivering social benefits. But on the other hand, she argues that mobile…
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Central bank to provide FinTech guidance

Central bank to provide FinTech guidance

Chamwe Kaira The Bank of Namibia has come up with a regulatory framework to provide guidance on how the bank will treat financial technology (FinTech) innovations that are not covered under the bank’s existing regulations. “The regulatory framework provides a step-by-step analytical framework to identify whether an innovation qualifies as a FinTech innovation followed by a phased approach to understand, evaluate and test the innovation before the regulatory outcome on the innovation can be determined,” says Kazembire Zemburuka, Director of Strategic Communications and International Relations. The Fintech Africa Summit held in March concluded that the impact of financial technology (FinTech)…
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NamRA to enhance compliance and enforcement

NamRA to enhance compliance and enforcement

CHAMWE KAIRA Sixteen months since its inception, the Namibia Revenue Agency’s major highlight has been surpassing the revenue target for the first financial year by N$3.5 billion. The revenue is for the period April 2021 to July 2022. NamRA’s Chief of Strategic Communications and Support Engagements, Steven Ndorokaze says that the recruitment process, which involves absorbing the staff seconded from the Ministry of Finance has gained significant momentum and has added to the agency’s revenue target. “Lot of work was also done to ensure that our systems are compatible with demands of the time, while assessing the various processes to…
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Old Mutual looks at impact of Covid 19

Old Mutual looks at impact of Covid 19

CHAMWE KAIRA Covid-19 had a major negative impact on businesses in Namibia, including on the short term insurance industry. Riaan Vermeulen, Managing Director of Old Mutual Short-Term Insurance explains to the Windhoek Observer that not all their clients had the relevant cover for Business Interruption caused by Infectious Diseases. “It is therefore impossible to quantify the full impact on our customers though it is safe to say it was severe,” explains Vermeulen. Commenting on the move by Old Mutual to pay out its customers despite the tough economic environment, Vermeulen explains that Old Mutual’s position has always been to accept…
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Businesses recovery from pandemic to take time

Businesses recovery from pandemic to take time

CHAMWE KAIRA Businesses are slowly recovering from the losses brought about by disruptions from the Covid -19 pandemic lockdowns. The Development Bank of Namibia believes that the recovery process will still take time before businesses start to operate at normal levels. Head of Marketing and Corporate Communication, Jerome Mutumba notes that the debt servicing is still one area that a number of businesses are yet comfortably able to deal with, but some are slowly getting there. “Regrettably, there are businesses that simply had to shut down for good, and the only option for lenders to such business is liquidation of…
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SADC PF roots for renewable energy

SADC PF roots for renewable energy

Moses Magadza in Malawi LILONGWE - THE Southern Africa Development Community must turn to green renewable energy if it is to become self-sufficient in its energy needs. This was said by Honorable Christophe Mboso N’kodi Pwanga, the President of the SADC Parliamentary Forum when he spoke at the start of a symposium during the opening session of the 51st Plenary Assembly of the Forum in Lilongwe, Malawi yesterday (11 July 2022). Honourable Mboso, who is also the Speaker of the National Assembly of the Democratic Republic of Congo (DRC), said it would be amiss if the SADC, an interconnected region,…
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Small retail importers not protected from counterfeits confiscation

Small retail importers not protected from counterfeits confiscation

Tujoromajo Kasuto The Namibia Revenue Agency (NamRA), yesterday destroyed counterfeit goods valued at over N$5 million, which were confiscated following their illegal importation into the country. NamRa spokesperson Tonateni Shidhudhu told the Windhoek Observer that Small Enterprises or online boutiques locally known as "Order with me", that have gained momentum over the last few years are not protected from confiscation of counterfeit goods. Thus, they should familiarise themselves with the law to insure they order genuine instead of knockoff products to avoid confiscation. He added that "the counterfeit goods might be harmful to society as such goods would have not…
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Mining sector prone to Illicit Financial Flows

Obrein Simasiku The extraction or mining sector is one of the most vulnerable to Illicit Financial Flows (IFF), because African authorities lack the expertise and the skills to seal loopholes, which in turn affects the economy and developmental growth of host countries and the continent. "The dependence of African countries on natural resources extraction for exports and revenues makes us extremely vulnerable to illicit financial flows. These sectors are prone to IFFs, trade mispricing including abusive transfer pricing, secret and poorly negotiated contracts and overly generous tax incentives," stressed Finance Deputy Minister Maureen Hinda-Mbuende. She said this today when addressing…
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Namibia, SA selected on IPU Russia/Ukraine task force

Namibia, SA selected on IPU Russia/Ukraine task force

Martin Endjala The Inter Parliamentary Union (IPU) has elected Namibia and South Africa, as the only African countries to form a task force mandated to resolve the ongoing Russia and Ukraine conflicts. This was revealed yesterday by the National Assembly Speaker Peter Katjavivi during a courtesy visit from the members of the South African National Council of Provinces (NCOP) on a benchmarking visit to the National Council. Speaker Katjavivi with his counterpart Nosiviwe Mapisa-Nqakula from South Africa, are the only leaders the IPU has vetted as representatives from Africa. Katjavivi pointed out that the gesture from the world’s parliamentary body,…
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LPM wants corporates to develop communities

LPM wants corporates to develop communities

Martin Endjala The Landless People’s Movement is questioning the level of commitment of corporates to develop local communities where they operate. LPM says businesses, particularly mining companies are not ploughing back into the communities where they do business, resulting in the mushrooming of informal settlements across the Country. The party wants these companies to be held accountable. These sentiments were expressed by LPM Deputy Leader Henny Seibeb and the Youth Student Command Element leader Duminga Ndala. During today’s press conference held at the LPM headquarter in Windhoek under the theme mining and local development they particularly singled out Usakos, Omaruru…
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