Observer Money

IATA has no issues in Namibia
09 Jun

IATA has no issues in Namibia

Observer Money
CHAMWE KAIRA Namibia has no issues with the International Air Transport Association (IATA) in terms of blocked funds that are a threat to airline connectivity in the affected markets. Observer Money established this week from IATA that it has no issues in Namibia, Botswana, South Africa and Zambia. IATA said the airline industry’s blocked funds have increased by 47% to US$2.27 billion in April 2023 from US$1.55 billion in April 2022. IATA warned that rapidly rising levels of blocked funds are a threat to airline connectivity in the affected markets. The industry’s blocked funds have increased by 47% to US$2.27…
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MTC brings competition to electronic money business
09 Jun

MTC brings competition to electronic money business

Observer Money
CHAMWE KAIRA MTC Namibia’s entry into the electronic money market will have a positive overall impact, Simonis Storm Securities, equity analyst, Shaun Lahner told Observer Money this week. MTC announced in interim results for the six months ended 31 March that as part of our long-term growth strategy, MTC is actively pursuing a CSP to DSP (Communications Service Provider to Digital Service Provider) transformation. “This shift will enable us to adapt to the evolving digital landscape and meet the changing needs of our customers. Our intent is to enhance our portfolio of digital services and leverage emerging technologies to provide…
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Swakopmund all set to host SADC Development Finance Network meeting
05 Jun

Swakopmund all set to host SADC Development Finance Network meeting

Observer Money,
Niël Terblanché Local development finance institutions (DFI), namely, Agribank, Development Bank of Namibia, Environmental Investment Fund of Namibia, and the National Housing Enterprise, will host the 2023 SADC-DFIs network forum meetings in Swakopmund. The engagements under the SADC Development Finance Resource Centre (SADC-DFRC) are scheduled to be held from 6 to 9 June 2023. The theme of the forum meeting is ‘Balancing DFI developmental mandate with sustainability’. The Deputy Minister of Finance and Public Enterprises, Maureen Hinda-Mbuende, will officially open the event at the coast. The objective of the forum meeting will be to discuss and share experiences on how…
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MAWLR extends drought relief
05 Jun

MAWLR extends drought relief

Observer Money,
Martin Endjala The Ministry of Agriculture, Water Land and Reform has announced that it will be extending its livestock drought mitigation measures to affected farmers in the Kunene region and parts of the Erongo and Omusati regions with effect from 1 July 20223 to 31st December 2023. This was announced by the Ministry’s Executive Director Ndyakupi Nghituwamata last week in a statement, the Ministry will also provide a livestock support programme to drought-stricken regions of Omaheke, Hardap and //Karas for six months from 1 July 2023 to 31 December 2023. This is in alignment with Cabinet decisions issued at the…
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Foreign reserves peak to N$51.8 billion
02 Jun

Foreign reserves peak to N$51.8 billion

Observer Money
Chamwe Kaira The Bank of Namibia’s stock of international reserves increased in April to N$51.8 billion relative to the N$48.3 billion at the end of March, the central bank said. This is the highest figure the stocks have reached this year. The increase was on account of higher Southern African Customs Union receipts, diamond sales proceeds and FDI inflows in the manufacturing sector from the sale of Namibia Breweries Limited to Heineken as well as revaluation gains. “The foreign reserves translated into 5.4 months of import cover higher than the 5.1 months of import cover a month ago, remaining above…
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Locals can form JVs with foreigners for Green Schemes…. Investors required to have financial capacity of up to N$650m
02 Jun

Locals can form JVs with foreigners for Green Schemes…. Investors required to have financial capacity of up to N$650m

Observer Money
Chamwe Kaira Local investors who do not have financial capacity to bid for the leasing of Green Schemes may form joint ventures with foreign investors to bid for the leasing of the Green Schemes. The investors will be required that to access to, or has available, liquid assets, unencumbered real assets, lines of credit, and other financial means sufficient to meet the investment value requirement ranging from N$550 million to N$650 million. “The amounts required are not exaggerated or blindly put there, they’re real costs need to run each green scheme. These amounts vary from one scheme to another,” Ministry…
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More local companies need to list on the NSX
02 Jun

More local companies need to list on the NSX

Observer Money
Namibia Stock Exchange (NSX) CEO, Tiaan Bazuin this week gave Observer Money an update of the performance of the stock exchange, the impact of new legislation and the possibility of more companies listing. Observer Money (OM): What has been the performance of the NSX in the past year? Tiaan Bazuin (TB): Selected highlights of the NSX contributions to deepening and diversifying the capital markets in Namibia during 2022 and Performance on the NSX listed companies for the past year (2022) include: In the capital market, the overall comparative value traded was N$ 13,782 billion for the year ending December 2022…
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Loans holiday relief applications hit 377 875…. Value of loans approved under moratorium is N$5.8 billion…. Ministry of Justice planning amendment to restrict sale of property
02 Jun

Loans holiday relief applications hit 377 875…. Value of loans approved under moratorium is N$5.8 billion…. Ministry of Justice planning amendment to restrict sale of property

Observer Money
Chamwe Kaira The Bank of Namibia has disclosed that as of 30 April 2023, commercial banks received a total of 377 875 applications for holiday relief since a rollout in April 2020 to provide relief on property loans that were hard hit by the Covid 19 pandemic. Of this amount, 370 816 applications were approved. Kazembire Zemburuka, Director of Strategic Communications and International Relations told Observer Money that the banking industry is aware of the concerns raised regarding repossessions of houses and other property. He said it is for this reason; commercial banks continue to implement the measures instituted by…
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TransNamib to upscale manganese transportation to 30 000 tonnes
02 Jun

TransNamib to upscale manganese transportation to 30 000 tonnes

Observer Money
Chamwe Kaira TransNamib Holdings plans to double the transportation of manganese to the port of Lüderitz from the current 15 000 tonnes to 30 000 tonnes. The manganese comes Northern Cape in South Africa for export via Lüderitz. This development follows the reviving of the Aus to Lüderitz railway line after 20 years of dormancy. It is currently moving about 15 000 tonnes of manganese per month between Ariamsvlei and Lüderitz. “This route has become a major revenue-generating source for TransNamib, and we are in the process of upscaling the tonnage of manganese moved to 30 000 tonnes per month,…
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Deep Catch to open frozen food facility in Zambia
02 Jun

Deep Catch to open frozen food facility in Zambia

Observer Money
Deep Catch Group, the Namibian company, which is engaged in wholesale, distribution and cold storage of perishable foods in Namibia and the Southern African Development Community Region, plans to open a frozen food facility in Zambia. Jared-Dwight Geyser, founder and managing director of Deep Catch said the Zambian cold storage market is set to undergo a significant transformation with the opening of a new 5 500-pallet frozen food facility in September, Freight News reported. Deep Catch, which is a trading and logistics company has identified a gap in the market as there is currently no commercial cold storage facility for…
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