LatestNews (135)

The dividend owed to the Iranian government as part of its 15% stake in the Rössing Uranium Mine has increased to approximately N$331 million.

 The Namibia Financial Institutions Supervisory Authority (NAMFISA) says there was no increase in the number of claims filed to short-term insurance companies following the December 2022 heavy rainstorm that damaged property worth millions of dollars in Windhoek.

This comes after the regulatory body had predicted that insurance claims would likely increase in frequency and severity as a result of the heavy storms that occurred on 14 December 2022, unless flood risk is specifically excluded from the scope of cover.

"We looked at our data and there was no significant impact in terms of claims that were paid out and therefore, the effects I could reasonably say it was within the normal cause of business. According to the data, there are no major spikes that are of concern

This contains data from the quarter in which that period is included and with our interactions with the insurer gave us the assurance that there was no impact on their end," NAMFISA CEO Kenneth Matomola told The Brief.

At the time of the floods, Matomola noted that part of NAMFISA’s mandate is ensuring that short-term insurers have adequate capital reserves to ensure policyholders’ obligations are met at all times.

“Should a policyholder’s claim be unjustly repudiated, the policyholder has recourse to lodge a complaint with NAMFISA. From a consumer protection perspective, NAMFISA provides recourse mechanisms at no cost to consumers of financial services that are treated unfairly by its regulated entities.”

Similarly, the Namibia Special Risks Insurance Association (NASRIA) which had been hinted as the likely bearer of most of the claims from the floods was quick to point out that it did not provide cover for floods and thus, does not expect to receive any claims from the floods. 

According to the Bank of Namibia, Namibia's non-banking financial institutions' (NBFI) sector remained resilient in 2022.

This is despite NBFI assets contracting by 1.2% to N$366.1 billion, coinciding with negative financial market performances over the first three quarters of 2022.

"Despite the contraction, the sector is expected to remain solvent in the short- to medium-term with its net assets expected to robustly absorb adverse asset side shocks. Risks inherent in NBFIs include inflation and its impact on the affordability of NBFI services, particularly medical aid funds, long- and short-term insurance, and market risk and its impact on the asset side," said the bank in the country's Financial Stability report.

Financial services corporation Visa is targeting Namibians in an effort to increase the international usage of bank cards.

TransNamib Holdings Limited has signed a lease agreement with Sea Rail Botswana for their Gobabis section, rolling out the multibillion-dollar Trans-Kalahari Railway project, which aims to connect Botswana's abundant coal fields to Namibia's coast.

Despite making headway in constructing new power generating infrastructure, Namibia's progress remains inadequate in meeting its energy needs and substituting imports, the Institute for Public Policy Research (IPPR) has revealed.

Bank Windhoek financed 185 properties worth N$135 million in the Northern Region of Namibia in 2022.

The Chamber of Mines is still opposed to the government's move to offer a 15% free-carry ownership to Namibians in possession of Exploration Licenses (EPL), saying this will discourage potential investors.

Namibia is lobbying for financial inclusion at the United Nations (UN) Water Conference underway in New York, by proposing reforms in funding that seem to hinder middle- and upper-income countries from accessing monetary assistance due to their economic classification.

Standard Bank Namibia is set to assist local businesses import products from China by providing financial services and directly linking them to credible and vetted suppliers.

Cabinet has resolved and tasked the Finance and Public Enterprises Ministry to speed up the process of devising ways to bring an end to the abuse of Public Servants' Employees Medical Aid Scheme (PSEMAS), which has cost the government millions in fraudulent activities.

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