The Brief is an online news portal and going source with a focus on the Namibian business sector, current affairs, companies and financial markets.
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September 24, 2023
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As a country Namibia is recognised for its diverse climate, gorgeous scenery, and distinctive fauna. However, weather patterns in the country can be unexpected, and seasons have a big impact on the country's short-term insurance sector.
The Development Bank of Namibia (DBN) has announced its participation in the Bank of Namibia (BoN) SME Economic Recovery Loans scheme to provide additional support to small and medium-sized enterprises (SMEs) impacted by the COVID-19 pandemic.
Debmarine Namibia's tax contribution to the government amounted to N$4.2 billion last year, a huge amount that resulted in the diamond company scooping five awards and N$20,000 in cash to be donated to any charity organisation.
The reality of household debt in Namibia
April 21, 2023
A popular Namibian Instagram gossip page recently hosted a discussion on debt, where individuals anonymously shared their stories about how much they owed micro-lenders, banks, and other financial institutions.
Chartered Accountant careers require commitment
April 20, 2023
In late February 2023, the Institute of Chartered Accountants in Namibia (ICAN) released the Assessment of Professional Competence (APC) results, which means that the successful candidates have qualified as Chartered Accountants (CAs) or will do so pending the completion of the final year of their training contracts.
Cracking the Code: Successfully providing financial services and insurance to Africa’s Gen-Z
April 19, 2023
As the world moves into a new era of globalization, Africa is gradually emerging as a hub of economic activity. With a population of over 1.3 billion people, Africa has a massive youth population, with Gen-Z being a dominant demographic.
The Gen-Z demographic is more digitally savvy than any previous generation, with technology being an essential part of their daily lives. As such, financial services and insurance providers must embrace digital transformation to cater to this market. However, cracking the code of successfully providing financial services and insurance to Africa's Gen-Z is no easy feat. Here are some insights on how to achieve success.
Embrace technology
As previously mentioned, Gen-Z is a generation that has grown up with technology as an integral part of their lives. To cater to this demographic, financial services and insurance providers must adopt digital technologies that facilitate convenience, speed, and flexibility. This includes having mobile apps, online portals, and chatbots that provide 24/7 access to services.
Offer affordable and accessible financial services
Gen-Z is a generation that has grown up with the experience of financial instability, particularly in developing countries. As such, they are inclined towards affordable financial services that provide them with a sense of security.
Create a seamless customer experience
Gen-Z is a generation that values convenience and speed. As such, financial services and insurance providers must provide a seamless customer experience that is both fast and efficient. This includes having a simple and easy-to-use user interface and providing fast processing times.
Engage with Gen-Z on social media
Social media is a powerful tool for engaging with Gen-Z. Financial services and insurance providers must leverage social media platforms such as Instagram, Twitter, and Facebook to engage with their customers. This includes creating informative and engaging content, responding to customer inquiries, and using social media analytics to gain insights into customer preferences.
In conclusion, cracking the code of successfully providing financial services and insurance to Africa's Gen-Z requires a deep understanding of their needs and preferences. Financial services and insurance providers must embrace technology, offer affordable and accessible financial services, provide customized solutions, create a seamless customer experience, and engage with Gen-Z on social media. By doing so, providers can tap into this vast and lucrative market and achieve success in the African financial services industry.
*Mignon du Preez is Group Marketing, Public Affairs and Sustainability Executive at Old Mutual Namibia.
SME Economic Recovery Schemes offer N$243m funding
April 17, 2023
The Agence Française de Développement (AFD), the Development Bank of Namibia (DBN), and the Bank of Namibia (BoN) SME Economic Recovery Schemes have benefitted over 520 customers with funding exceeding N$243 million, an official has said.
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