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Finance / Page 9
NSFAF Wants N$2.5 Billion to Fund Students in 2024
By: Hertha Ekandjo The Namibia Student Financial Assistance Fund (NSFAF) says it needs about N$2.5 billion to be able to support approximately 23,700 eligible applicants next year. This was revealed by NSFAF Chief Executive Officer Kennedy Kandume during the launch of the online application process this week. At the event, Kandume also highlighted successful initiatives, […]
Can I Borrow From My Pension?
By: Amos Kambonde The question of whether to borrow from one’s pension or not is one of the questions many members of pension funds ask regularly. Section 19(5) of the Pension Fund Act, 1956 (Act No. 24 of 1956) makes provision for members of pension funds to borrow either directly or against their pension fund […]
Youth Told to Prioritise Financial Literacy
By: Nghiinomenwa-vali Erastus As the economic landscape undergoes transformative changes locally, regionally, and continentally, the understanding of financial matters, encompassing risk, investment, allocation, and hedging, is becoming increasingly intricate. Amid these changes, Joachim van Schalkwyk, the Broker Distribution Manager at Old Mutual Namibia, said it is imperative to equip the upcoming generation with knowledge to […]
Plan Your Bonus To Last The Long Run
By: Samuel Linyondi In October, the Bank of Namibia (BoN) left the repo unchanged at 7.75%, the highest in the past 14 years. If a repo rate increases, borrowing becomes more expensive, and product and service prices increase for consumers. The repo rate is one of the monetary tools to either control inflation or stimulate […]
Tax Policy Review Intensified … Double Taxation Agreements To Be Renegotiated
By: Nghiinomenwa-vali Erastus The Ministry of Finance says it has intensified its efforts to review Namibia’s tax regime with the aim of enhancing the country’s tax competitiveness. In this regard, the Ministry earlier this year established a Tax Policy Unit within the Department of Economic Policy to spearhead the review processes. The Unit will conduct […]
Financial literacy for the next generation: Preparing our youth for economic success
By: Joachim van Schalkwyk In an era of unparalleled financial complexity, where managing money has become a critical life skill, it is critical to ensure that the next generation is well-equipped to navigate the economic landscape. For good reason, the term “financial literacy” has gained popularity in recent years. It is the foundation upon which […]
Guarding Your Finances: Understanding and Combating Financial Fraud in the Digital Age
By: Maria Samahina In today’s digital age, where financial transactions and personal information are increasingly digitised, the risk of falling victim to financial fraud has grown exponentially. Letshego Bank Namibia encourages Namibian citizens to remain vigilant and stay informed about the various forms of fraud. This is essential to protect yourself, your loved ones, and […]
Ministries Urged Against Returning Unspent Funds
By: Justicia Shipena The United Nations International Children’s Emergency Fund (Unicef) representative to Namibia, Samuel Kweku Ocran, has called on government ministries to refrain from returning unspent funds to the treasury, stressing that such returns negatively impact the achievement of budget objectives. Ocran highlighted the essential role of parliament in ensuring that approved budgets […]
SOEs Bailouts Impacting Social Investments, says Shiimi
By: Justicia Shipena Finance and Public Enterprise Minister Ipumbu Shiimi has expressed concern that the continuous financial bailouts provided to state-owned enterprises are diverting resources from essential social investments. Shiimi raised the concern as he presented the mid-term budget review in the National Assembly yesterday. The review follows the 2023/24 National Budget that Shiimi tabled […]
Repo Rate Expected to Remain Unchanged, Experts Predict
By: Justicia Shipena The Bank of Namibia (BoN) is expected to maintain the interest rate at its current level when it announces the repo rate today, following the lead by its South African counterpart. BoN’s Monetary Policy Committee (MPC) raised the repo rate by 50 basis points to 7.75% in June this year, a move […]