🇳🇦NamibiaSouthern Africa
Bank of Namibia addresses high banking fees, anticipates gradual reduction
via The Namibian4 min read
The Bank of Namibia acknowledges public concern over high banking fees and profits, stating that reducing these charges will be a gradual process. Central bank governor Ebson Uanguta informed a parliamentary standing committee that measures and regulations are being implemented to contain fees. Commercial banks collectively earned N$15.9 billion last year, with N$5.0 billion, or 31.3% of total income, derived from fees. Uanguta expects significant progress within three years and urged banks to be more transparent about their charges. The Banking Institutions Act 13 of 2023 and the Payment System Management Act 14 of 2023 empower the minister of finance to regulate banking fees. The central bank also conducts financial literacy campaigns as many customers do not fully understand loan agreements. A parliamentarian raised concerns about the ownership structure of commercial banks and their repatriation of profits, questioning their contribution to Namibia's developmental goals. Earlier this year, some banking fees were revised, including the removal of card-swiping charges.
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This summary was AI-generated from a story originally published by The Namibian.
Must ReadNamibia's new Dissolution of Marriages Act of 2024, effective today, abolishes the country's fault-based divorce system, replacing it with a no-fault framework based on the "irretrievable breakdown of marriage." Judge president Petrus Damaseb stated this reform is significant for Namibia's family law, shifting focus from moral blameworthiness to whether a marriage has disintegrated beyond restoration. Previously, spouses had to prove matrimonial offenses like adultery or cruelty. While misconduct such as adultery can still demonstrate irretrievable breakdown, it is no longer an independent legal ground for divorce. The new law introduces procedural changes, including joint divorces via applications and a strong emphasis on mediation, especially in cases involving children, maintenance, and asset division. Courts must ensure children's best interests are protected and can make "just and equitable redistribution orders" for assets, regardless of the marital property regime. However, a coalition of churches and civil society organizations is petitioning parliament to amend the act, expressing concerns that the no-fault system could increase divorce rates and weaken family structures by lowering the threshold for divorce and potentially normalizing it, arguing it may undermine the institution of marriage and deprive innocent spouses of recognition.
Must ReadNamibian businesses are urged to prepare for significant opportunities in the oil and gas sector as TotalEnergies is expected to make its final investment decision for the Orange Basin before the end of 2026. This decision will trigger substantial procurement and supply chain development. The sector requires raw materials, infrastructure services, and technical expertise from local businesses. However, many Namibian small and medium enterprises SMEs are not yet positioned to compete effectively due to three main barriers: access to finance, certification gaps, and the absence of formal business systems. Oil and gas contracts are large with long payment cycles, posing a challenge for SMEs with limited balance sheets. International quality management standards like ISO 9001 are often baseline requirements, and operators demand documented processes, audited financials, and formal health, safety, and environment policies. These barriers are not insurmountable. SMEs are advised to pursue ISO 9001 certification through the Namibia Standards Institution, register on vendor databases such as TotalEnergies' global supplier portal and the National Petroleum Corporation of Namibia, and engage with financial institutions like the Development Bank of Namibia and Petrofund for financing options. Mutindi Jacobs, an oil and gas lawyer, emphasizes that contracts will be awarded, and closing the readiness gap requires proactive steps from local businesses.
Must ReadNamibia has advised its citizens in South Africa to remain vigilant and seek consular assistance due to ongoing anti-migrant unrest and xenophobic attacks. This follows reports of unrest in South Africa, with some citizens demanding that undocumented foreign nationals leave the country by June 30. There have been reports of vigilante groups checking the documentation of foreign nationals and forcing non-South African businesses to close. Ndiitah Nghipondoka-Robiati, executive director of the Ministry of International Relations and Trade, stated that no reports of Namibian nationals being affected have been received, but the ministry is monitoring the situation. Citizens needing help are advised to contact the High Commission in Pretoria or the Consulate-General in Cape Town. Namibian citizens are urged to avoid tense areas and prioritize personal safety. The violence is linked to frustrations over unemployment, crime, overcrowded services, and poor living conditions, which have been redirected towards migrants. Ghana has repatriated about 300 citizens, and Nigeria plans to repatriate most of its citizens. Countries like Kenya, Malawi, Lesotho, and Zimbabwe have also urged caution for their citizens. South African police confirmed two Mozambicans died in Mossel Bay violence, and a South African teenager was killed, with shacks reportedly torched. The South African government condemns violence against foreign nationals and is working to strengthen social cohesion and migration
Formal identification of the four victims of a Desert Air crash earlier this month has been completed, allowing for their repatriation to Germany. National police spokesperson deputy commissioner Kauna Shikwambi confirmed that the bodies are being released to funeral undertakers. The victims were identified as German tourists Silke Lohmiller, Richard Lohmiller, their son Henry, and pilot Martin Funck. The recovery of the aircraft and victims was challenging due to the crash site's location near a mountain peak in a steep gorge with high elevation and treacherous terrain. Access by foot was difficult, and bodies had to be airlifted. DNA testing confirmed the identities, with German authorities providing profiles for the family and the pilot's son submitting a sample. The investigation into the crash's cause is ongoing, with international representatives from the German Aircraft Accident Investigation Bureau and the state of aircraft manufacture joining the team. The aircraft went missing en route from Windhoek to Sossusvlei, and Desert Air chief executive Willem de Wet had previously announced there were no survivors.