Trade union to engage Prime Minister over pension-backed home loan scheme

Windhoek, 9 July 2025 – The Trade Union Congress of Namibia (TUCNA) has expressed serious concerns about the Government Institutions Pension Fund’s (GIPF) newly launched Pension-Backed Home Loan Scheme, scheduled to be rolled out via two intermediaries—Capital Housing Scheme and Kuleni Financial Services. TUCNA Secretary-General Mahongora Kavihuha warns that this restrictive approach could concentrate wealth in a few hands and deprive workers of full benefits.

Last month, GIPF confirmed the scheme was ready pending a Memorandum of Agreement with the Prime Minister’s office and gazetting of the interest rate (+2.5%). However, GIPF explained that the intermediaries will only start after final agreements are signed.

Kavihuha criticised GIPF’s strategy, saying, “You use your pension as collateral, but can only access it through these specific agents… very hypocritical.” He signaled TUCNA’s intent to engage the Prime Minister and workers directly to reject the narrow design in favour of a more inclusive, member-driven approach