Nigerian workers plan cost-of-living strike

Nigerian workers plan cost-of-living strike

Nigerian labour unions will embark on a two-day strike on Tuesday against the spiralling cost of living. According to the BBC, inflation in Africa's largest economy is at almost 30% whilst the local currency, the naira, is rapidly depreciating. Electricity shortages are compounding the hardship. The African Development Bank has warned that conditions are ripe for social unrest.

February 27, 2024 5

Business / Economics

Know the most common types of bank frauds

By Bank Windhoek’s Forensics Services Manager, Johnny Truter. International law states that any illegal act involving deception to obtain money from a financial institution or a bank's depositors is categorised as bank fraud. Like other fraud offences, bank fraud involves using a trick to obtain money illegally. Nowadays, fraudsters are continuously coming up with different ways to steal people’s hard-earned money. The following looks at the most common trends used […]

February 27, 2024 23

Business / Economics

Exploring the future of digital transactional banking

By Nedbank Namibia’s Head of Transactional Banking, Reginald Obaking The ongoing digital transformation has sparked several trends that have influenced the way Nedbank Namibia’s Corporate and Investing Banking (CIB) division revolutionises its solutions for businesses, corporations, and other large entities. CIB recognises the pivotal role of technology in transforming transactional banking services to enhance the overall client experience. ‘The fascinating way transactional banking continues to evolve day by day is […]

February 27, 2024 118

Business / Economics

27 February 2024 Morning Biz News: Summary of Financial News:

Namibia's Tax Policies and Concerns: Analysts and industry experts are closely scrutinizing Namibia's tax policies, expressing concerns about the efficiency of revenue collection processes, specifically in tax refund processing. Cameron Kotze, the risk and compliance manager at Namib Mills, is urging the government to consider introducing capital gains tax incentives as part of broader reforms to streamline the system and stimulate economic growth. South Africa's Rand Depreciation: South Africa's rand […]

February 27, 2024 7

Business / Economics

EXCLUSIVE INTERVIEW: Navigating Namibia’s Gray Listing: Insights from Independent Business and Economics Researcher Josef Kefas Sheehama

In a recent conversation with independent business and economics researcher Josef Kefas Sheehama, the focus turned to Namibia's gray listing by the Financial Action Task Force on the 23rd of February. Despite the challenges posed by this development, Sheehama emphasizes that being on the gray list is not a death sentence for Namibia's economy. In this article, we delve into Sheehama's insights on the impact of the gray listing […]

February 27, 2024 19

Business / Economics

Kenya and Namibia Placed on FATF Grey List for Money Laundering, Terrorism Financing; Local Researcher Sheehama Offers Insights

The international crime watchdog, Financial Action Task Force, included Kenya and Namibia in its 'grey list' on Friday, subjecting these countries to heightened monitoring due to insufficient measures in preventing money laundering and terrorism financing. Local Independent Business and Economics researcher Josef Kefas Sheehama provides his perspective on the matter.

February 27, 2024 15

Business / Economics

UAE removed, Kenya and Namibia added to global money laundering list

Global anti-money laundering watchdog the Financial Action Task Force (FATF) said Friday that it had removed the United Arab Emirates from its "grey list" of countries subject to increased monitoring, while Kenya and Namibia were added. Countries on the list have "strategic deficiencies" in their efforts to counter money laundering and terrorist financing, but are cooperating with the FATF to correct the problems and are subject to increased monitoring. FATF […]

February 24, 2024 15

Business / Economics

Outcome and way forward: Namibia’s FATF Grey-listing

Namibia on Friday, 23 February 2024, was grey listed by the Financial Action Task Force’s (FATF) Plenary and placed under increased monitoring, due to concerns over remaining effective implementation compliance with international Anti-Money laundering (AML), Combating the Financing of Terrorism (CFT), and Combatting Proliferation Financing (CPF) standards. As a signatory to various United Nations Conventions and obligated by mandatory resolutions under Chapter VII of the UN Charter, Namibia is tasked […]

February 23, 2024 26