Bank of Namibia Governor Announces Instant Payments in 2025

Bank of Namibia Governor Announces Instant Payments in 2025

Governor Johannes !Gawaxab of the Bank of Namibia delivered a public lecture at the University of Namibia titled "Modernising Namibia’s Financial Landscape for a Prosperous Future." He outlined the introduction of fast payments, or instant payments, allowing real-time fund transfers 24/7, set to launch in September 2025. The regulator's, Josefina Oskar .

October 2, 2024 39

Business / Economics

GIPF Announces Tax Relief Refunds for Pensioners and Beneficiaries

The Government Institutions Pension Fund has confirmed that tax-paying pensioners, as well as spousal and child beneficiaries, will receive their tax relief refunds on 28 November. This is in line with the provisions of the Income Tax Amendment Act, ensuring that eligible recipients benefit from the updated tax regulations.. General Manager, Marketing and Stakeholder Engagement at the GIPF: Edwin Tjiramba

October 2, 2024 61

Business / Economics

Flood damage in KwaZulu-Natal exceeds 8 billion rand

South Africa’s Special Risk Insurance Association has engaged the government and other stakeholders in a bid to extend its cover to natural disasters, climate-related risks, and cyberattacks. The cost of damage from the June floods in KwaZulu-Natal was estimated at more than 1.3 billion rand, while the 2022 floods in the province caused damage estimated at seven billion rand to at least 826 companies. The association’s chairperson, Nolwandle Mgoqi, says […]

October 1, 2024 13

Business / Economics

1 October 2024 Morning Biz News: Investment Reluctance, Amazon’s New Initiative, and Market Updates

A recent report from the 2023 Old Mutual Financial Services Monitor highlights a concerning trend among Namibians regarding investment habits. A significant portion of the population is hesitant to invest, with 37% unwilling to take on any investment risks. This reluctance is particularly pronounced among younger consumers, indicating a potential barrier to wealth accumulation and economic growth. In positive business news, Amazon has launched 'Shop Mzansi,' a new platform showcasing […]

October 1, 2024 7

Africa

Afreximbank to Partner with Africa Collective at Davos 2025

Afreximbank has been announced as the Host Partner for Africa Collective and the AfCFTA Secretariat at Davos 2025, alongside the World Economic Forum reports CNBCAfrica. This strategic partnership aims to highlight African trade and investment opportunities on a global stage, promoting collaborations for Africa’s development. Africa Collective, a platform for pan-African and international stakeholders, encourages the exchange of ideas and collaboration on opportunities across the continent.

October 1, 2024 26

Business / Economics

Experian Index Shows Slight Improvement in South African Consumer Credit Defaults

The latest Experian Consumer Default of South Africa Index has recorded a slight improvement in the credit defaulting behaviour of South African consumers. The improvement is across various loan types such as personal loans, home loans, vehicle loans and credit cards in the three months that ended in June. The index indicates how consumers appear to have marginally improved in their debt management. Experian's Jaco van Jaarsveldt told SABC News […]

October 1, 2024 19

Business / Economics

NIPDB to Implement New Governance Structure After Initial Operational Strategy

The Namibia Investment Promotion and Development Board will adopt a new governance structure following the conclusion of its 24-month operational strategy. This change coincides with the impending end of the Advisory Board's term, which has been in place since the institution's inception and will conclude on October 31st: The organization's Catherine Shipushu:

October 1, 2024 16

Business / Economics

Survey finds that 37% of Namibians avoid investment risks

The 2023 Old Mutual Financial Services Monitor shows that many Namibians are not investing. About 37% are not willing to take any risks, especially the youth. Jo-Ann van Wyk from Old Mutual Investment Group revealed that 30% of people prefer safe, low-risk options like savings accounts. Van Wyk further explains that on the other end of the spectrum, those who are more inclined to take risks understand that achieving […]

September 30, 2024 17

Africa

African Business ranks 2024’s largest banks

African Business Magazine has ranked the continent’s largest banks for 2024, with Standard Bank leading as the largest bank in Africa. The bank reported a net profit of $2.7 billion, an 18% increase from the previous year. Other top banks include First Bank of Nigeria, Equity Bank from Kenya, and the National Bank of Egypt. Meanwhile, FirstRand's net profits decreased to $1.4 billion, down 13%. According to the ranking, Mauritius […]

September 30, 2024 49