SME Compete reacts to President Mbumba Urging Banks to Ease Funding for SMEs

SME Compete reacts to President Mbumba Urging Banks to Ease Funding for SMEs

President Nangolo Mbumba has urged local banks to support small and medium enterprises by using equity-type instruments and reducing collateral requirements. Speaking with banking executives in Windhoek, Mbumba highlighted the need for broader funding initiatives to address financial exclusion. Danny Meyer, Director of SME Compete, also contributed to the discussion.

July 30, 2024 16

Africa

Ethiopia eases forex curbs as it awaits crucial bailout

By Aymeric Vincenot Ethiopia said Monday it is easing foreign exchange curbs as part of a broader economic reform package, as the deeply-indebted nation awaits a multi-billion dollar bailout from international lenders. The value of the local currency, the birr, slid by around 30 percent against the dollar after the announcement of the measures by the central bank. "The reform introduces a competitive market-based determination […]

July 29, 2024 10

Business / Economics

Namibian Competition Commission accuses banks of price-fixing

The Namibian Competition Commission has accused the Payments Association of Namibia and several commercial banks of colluding in price-fixing activities related to card transaction fees. According to the Commission, the banks, which are competitors in the market, allegedly colluded with PAN to collectively set interchange fees, a practice deemed anti-competitive and prohibited by law. Here is the NaCC spokesperson Dina //Gowases with more details.

April 23, 2024 56

Local

Bank of Namibia warns against fraudulent investment scams.

The Bank of Namibia (the Bank) has noted with concern an escalation in the number of fraudulent investment scam activities, targeting and using references to the Government, its Ministries, Offices, and Agencies. The Bank has identified fraudulent investment scam activities, offering unsolicited financial assistance to fund Namibia’s developmental initiatives, with perpetrators applying particular focus on senior public figures, high-ranking government officials, politicians, and civil servants, to promote the fraudulent […]

February 2, 2024 22

Local

Bank of Namibia announces new board members.

The Bank of Namibia is pleased to announce the appointment of Dr Meshack Tjirongo, Adv. Eliaser Nekwaya and Mr. Peter Kruger as non-executive members of the Bank’s Board of Directors and the re-appointment of Mr. Ehrenfried Meroro as a non-executive board member. These appointments, in line with Section 9 of the Bank of Namibia Act (2020), will take effect from 1 February 2024. Mr. Peter Kruger is currently […]

January 30, 2024 35

Business / Economics

Competition Appeals Court deals blow to South African rand manipulation case

The South African Competition Commission’s rand-rigging case has been dealt a massive blow, as the Competition Appeals Court dismissed 23 of the 28 implicated commercial banks, saying the commission lacked enough evidence to support its claim of a conspiracy to manipulate the rand-dollar exchange rates between 2007 and 2013. However, Investec, JPMorgan Chase, HSBC, BNP Paribas, and Credit Suisse still face potential prosecution. Separately, Moneyweb reports that Standard Bank has […]

January 9, 2024 11

Africa

European Investment Bank partners with Central Bank of Kenya to unlock climate finance

New partnership to enhance climate action by Kenyan financial institutions. Climate best practice scheme to enhance climate risk understanding and impact of climate finance across Kenya. The European Investment Bank and the Central Bank of Kenya today launched a new climate finance best practice initiative to strengthen engagement by Kenyan financial institutions to finance climate related […]

December 12, 2023 6