Observer Money

Chamwe Kaira  A proposed offshore petroleum safety regulator wants to have the power to impose fines and penalties and shut down operations when necessary in the oil and gas sector.  The regulator would go beyond compliance and safety audits by enforcing strict measures to ensure accountability in the sector. “The Offshore Petroleum Safety Regulatory body will not just oversee compliance and conduct safety audits but will have the authority to impose penalties, fines and shutdown operations when necessary,” said the founder of the Erongo Offshore Safety Conference, Knowledge Ipinge, who recently spoke at the Namibia Oil and Gas Conference in…

Staff Writer Mobile Telecommunications Limited (MTC) has intensified its commitment to digital inclusion with the launch of a rural network optimisation initiative following a comprehensive audit in northern Namibia. The audit covered more than 2 000 kilometres across Outapi, Oshakati, Rundu, and Katima Mulilo.  It aimed to identify coverage gaps and service quality challenges in underserved and uncovered rural areas, where customer complaints about poor signal and inconsistent data access have been increasing. Led by MTC's chief for technology and information, Monica Nehemia, and conducted in collaboration with network partner Huawei, the audit revealed infrastructural and technical shortcomings.  Some towers…

Staff Writer  Momentum Metropolitan Namibia has been named best life insurance company of the year for the second consecutive year at the Momentum Africa Awards. Out of 41 awards across Africa, Namibia secured 24, leading the continent in recognition.  “This achievement is not only a triumph for our business, but it is a victory for every Namibian who entrusts us with their future. It is their dreams, their resilience and their belief in us that drive our success,” Momentum said in its announcement on Monday. “This recognition reflects the collective strength of Namibian excellence. From Windhoek to every corner of…

Allexer Namundjebo The director of banking services at the Bank of Namibia (BoN), Sencia Kaizemi-Rukata, says any shop or merchant refusing to accept the five-cent coin  should be reported. She reminded retailers that the coin remains legal tender.  Kaizemi-Rukata was speaking at the economic reporting workshop hosted by BoN on Monday. “If there is any shop refusing to accept the coin or South African rand, those shops must be reported so that appropriate actions are taken,” she said.  She stressed that although the minting of the five-cent  coin stopped in 2018, it has not affected its legal status. “The five-cent…

Chamwe Kaira  Uranium is exempt from new  US tariffs because of its strategic importance to the United States, Bank of Namibia (BoN) governor Johannes !Gawaxab has said.  Speaking during a monetary policy dialogue in Windhoek, he explained that minimal impact is expected on uranium due to existing contractual obligations.  He added that uranium will also benefit from the weaker exchange rate, which will improve revenue and profitability. He noted that no tariffs were previously applied to diamonds, which helped natural diamonds remain competitive against cheaper lab-grown diamonds.  “The introduction of a 15% tariff will potentially negatively affect export volumes and…

Chamwe Kaira  The upgrading of the railway line between Kranzberg and Otjiwarongo is gaining momentum, with sites already handed over to the contractor. Equipment for the project is expected to arrive soon, while other works, goods and services are still at documentation or procurement stage, according to Robert Kalomho, a senior official at the ministry of works and transport.  The project is funded by the African Development Bank Group (AfDB).  Kalomho said all 11 components under the transport infrastructure improvement project phase I, which involved upgrading the Walvis Bay to Kranzberg railway line, have been completed. In October 2023, the…

Letshego has delivered another set of commendable interim results, reinforcing the consistent and stable growth we have observed over the past two years within the Namibian market.  The group’s deduction-at-source lending model remains a unique differentiator, and its continued adoption by more Namibian employers underscores the strength of this proposition. That said, we believe it is prudent to question the long-term sustainability of this model, particularly around the potential for regulatory intervention on interest rate caps.  The recent collaboration with MTC to launch Taamba Maris introduces an exciting new avenue for diversification. While the near-term earnings impact will be limited,…

Chamwe Kaira  Namibia is on target to redeem the US$750 million eurobond when it matures in October, according to Nicholas Mukasa, director of financial markets at the Bank of Namibia. “As far as the Eurobond redemption is concerned, all I can say is that we are on target to redeem that bond when it matures in October,” Mukasa said. In her budget speech in March, minister of finance Ericah Shafudah said the 2025/26 financial year would be eventful, with the government facing the redemption of the eurobond on 29 October.  By March, the government had accumulated US$463 million in the…