Observer Money – Page 113

13 Jul

Balance sheet growth remains strong

info_e12wt4csObserver MoneyBalance sheet growth remains strong

Martin Endjala The Namibian banking sector’s balance sheet growth has remained strong and reflects an improved liquidity position and adequate capital levels. Records show that on a quarterly basis, total assets for the banking sector grew by 5.3 percent to N$173.2 billion in the first quarter of 2023. The growth was driven by cash and balances at banks as well as net loans and advances. The liquidity ratio of the banking sector stood at 19.1 percent during the first quarter of 2023, from 17.8 percent in the last quarter of 2022, due to diamond sales, government spending, capital inflows and…

12 Jul

FNB reduces service fees

info_e12wt4csFeatured, Observer MoneyFNB reduces service fees, Nangula Kaulum

Martin Endjala The First National Bank of Namibia has reduced the charges on some of its services as a way of cutting deeper to support customers. The fee reductions include card swipe fees on Bankwise lifestyle accounts, fees on international card swipes, reduced cost of ATM withdrawals for its student client base and reduced external debit order fees for its transmission account holders. The reduction in service fees will offer huge fee-saving opportunities for customers who use the bank’s alternative channels, feature across FNB Namibia’s newly released July 2023-June 2024 pricing for products and services. This pricing is effective from…

12 Jul

Green schemes expecting good harvest

info_e12wt4csObserver MoneyGreen schemes expecting good harvest

Niël Terblanché Significant investment in the renovation of key infrastructure to increase the production of maize and other types of staple grains on Namibia’s green schemes will pay off when current harvest is brought in. According to an audio-visual documentary presentation by the Ministry of Agriculture, Water and Land Reform (MAWLR), the various green schemes that benefitted from the investment, expect to harvest about 7 000 tons of maize by the end of July. Towards the end of 2022, MAWLR mobilized funds to commence production at the green schemes and irrigation projects of Sikondo, Ndonga Linena, Uvungu Vhungu, Shadikongoro and…

11 Jul

FNB employs 30 consultants

info_e12wt4csObserver MoneyFNB employs 30 consultants

Martin Endjala In an effort to provide more integrated and seamless services, the First National Bank of Namibia has expanded its consultant team in the Contact Centre with 30 people to improve its point of contact with customers. The bank’s decision offered the opportunity for 30 Namibians to secure full-time employment while reducing the drop call rate to eight percent. The bank strives to reduce dropped calls even further. “The outcome of this investment in people and ultimately our customers resulted in a year-on-year increase, which supports the notion of digital when I want it, human when I need it,”…

11 Jul

Paratus signs deal to serve the offshore industry

info_e12wt4csObserver MoneyParatus signs deal to serve the offshore industry

Staff Writer Namibia’s privately owned telecommunications and network company, Paratus and wireless communications company Ceragon Networks have signed a multi-year agreement to provide high-capacity wireless offshore communication solutions to the oil and gas industry in Namibia, Angola, and Mozambique. The agreement effectively combines Ceragon’s world-class stabilising technology for offshore assets, including rigs and or floating production storage and offloading platforms (FPSOs), with the Paratus onshore network infrastructure to give customers an unequalled service for the fast and secure transmission of vital data. The Ceragon technology connects offshore floating, rotating and/or navigating infrastructure via a uniquely stabilised live microwave link over…

10 Jul

Containing rising inflation is necessary – BoN

info_e12wt4csObserver MoneyContaining rising inflation is necessary - BoN

Martin Endjala The Governor of the Bank of Namibia Johannes !Gawaxab says Monetary Policy must continue to contain rising inflation, while targeted support should be provided to cushion citizens from the impact. The Governor said this last week during an engagement with the Parliamentary Standing Committee on Economics and Public Administration, aimed at addressing domestic and global development. Discussions covered issues related to COVID-19 economic recovery initiatives, the Bank’s efforts to regulate banking fees and charges, currency arrangement, as well as Namibia’s progress in addressing the findings of the 2022 Mutual Evaluation. !Gawaxab said containing rising inflation is also matched…

10 Jul

Crypto regulation bill passes

info_e12wt4csObserver Money

Namibia has embraced cryptocurrencies and digital assets by approving the relevant bill in the National Assembly and by doing so, joined several other African nations. The bill, which passed Namibia’s lower house of parliament aims to regulate digital assets, cryptocurrencies and virtual asset service providers (VASPs). The legislation aims to establish a framework for licensing and regulating VASPs. It also seeks to appoint a regulatory authority responsible for supervising these providers and their activities. The main objectives of the bill are to ensure consumer protection, prevent market abuse, and mitigate the risks of money laundering, the financing of terrorism and…

07 Jul

Green hydrogen could end unemployment

info_e12wt4csObserver Money

Presidential economic adviser and Green Hydrogen Commissioner, Office of the President of Namibia, James Mnyupe gives an update on the current green hydrogen projects in the country. CHAMWE KAIRA (CK): There have been a lot of developments regarding the development of green hydrogen in Namibia. Briefly, give us where we are as a nation in terms of developing green hydrogenprojects? JAMES MNYUPE (JM): Before we consider where we are, it is useful to meditate on where we have come from, because that indeed may give us context on how we got here, where we are going and howmuch confidence should…

07 Jul

Five green and sustainable bonds listed on the NSX

info_e12wt4csObserver MoneyFive green and sustainable bonds listed on the NSX

In this edition, Namibian Stock Exchange CEO, Tiaan Bazuin gives an update on the green bonds listed on the NSX. CHAMWE KAIRA (CK): How many green bonds are listed on the Namibian Stock Exchange, is Namibia the second African country to issue a green bond after signing up to the United Nations’ (UN’s) sustainable stock exchanges initiative? TIAAN BAZUIN (TB); We currently have a total of five green and sustainable bonds listed on the NSX. The market has matured to beyond just a green bond point and are seeing a lot of interest, there is capital that is definitely available…

07 Jul

Electrifying the Oil and Gas sector for a greener future

info_e12wt4csObserver MoneyElectrifying the Oil and Gas sector for a greener future

Martin Endjala The oil and gas sector plays a significant role in the global economy with an intrinsic value of some economic activity, accounting for the movement of goods and services, heating, electricity, pharmaceuticals, and materials such as plastics. This value is expected to grow to USD 8 trillion by 2027 according to others but regardless, growth in its value is phenomenal. This is according to RDJ Publishing and RDJ Group Chief Executive Officer, David Jarrett, in his latest take on the prospects of a greener future. Jarrett said that oil and gas extraction on the Norwegian Continental Shelf (NCS)…