Namitvest has officially signed a Payroll Deduction Agreement with local food retailer Spar Oranjemund. The new agreement enables Spar employees to invest directly in Just Transition Investments (JTI) Public Company through automated salary deductions.
The initiative is part of Namitvest’s ongoing commitment to empower members of the Mineworkers Union of Namibia (MUN) to build generational wealth. The recent signing in Oranjemund, marked a significant milestone in promoting financial inclusion and creating generational wealth for members of the Mineworkers Union of Namibia (MUN) and their families, bringing financial empowerment directly into the community.
This recent signing allows current and former MUN members, as well as their dependents, to accumulate long-term wealth by becoming shareholders aligning their personal financial growth with the success of the companies they help build every day.
The Payroll Deduction Agreement represents a strategic collaboration between Namitvest, the Mineworkers Union of Namibia (MUN), and participating employers to make share ownership more accessible to workers and union members.
Namitvest stated it has issued 10 million shares, of which approximately 6.3 million have already been taken up leaving just 3.7 million shares available. Currently, Namitvest has over 1 600 subscribers, highlighting strong engagement and interest from MUN members. To date, the company has successfully declared and paid dividends twice, the first at N$1.00 per share in November 2024, and the second in April this year at N$0.50 per share.
Namitvest explained that through this arrangement it engages directly with employers where MUN members are employed. Upon agreement, a payroll deduction facility is established, allowing employees to conveniently pay for their shares through an automatic monthly payroll deduction, over 60 months. This approach eliminates the challenges many members face with manual payments such as EFTs or debit orders. Instead, a set amount is seamlessly deducted before salaries are disbursed, ensuring members remain consistent in their investment contributions without added administrative burden.
At the core of this collaboration are the shared objectives of both organisations. Spar aims to provide caring and homely service to all its customers, while Namitvest ensures beneficiaries access share rewards and a portion of profits from its investment portfolio. By partnering with Spar, investment opportunities are brought directly into the daily lives of employees in an environment that is familiar and accessible. Employees can receive guidance and support for participation through the store, making it easier to engage with the program.
Speaking at the ceremony, Jason Kasuto, Principal Officer of Namitvest and Managing Director of Monasa Advisory & Associates, emphasized that the initiative represents deliberate, united action toward shared prosperity “Today, we are not merely imagining a future of financial freedom for employees, we are taking concrete steps to make that future possible. This agreement marks a defining milestone in our shared journey toward economic empowerment and inclusive growth,” he stated.
Kasuto further explained the benefits to members “Employers such as Spar who have entered into payroll deduction allow for employees to pay over sixty months, while everyone else pays in 12 months, Spar has followed the trend, just like we have done with Swakop Uranium and similar with Erongo Red, these are companies that are now moving and thinking forward and allowing their employees to pay over a sixty month period,” he added.
Additionally, Arthur Conry, Manager of Spar Oranjemund, highlighted the exceptional value this partnership offers to members “The share value at this stage is N$15 per share, and members will get it at a discount of N$8.48 per share. Looking at the trajectory at which these shares have grown, the opportunity to get those shares at such prices and have financial stability for years to come is not going to last forever. Therefore, this is a once-in-a-lifetime opportunity, one that you cannot pass,” he encouraged.
Furthermore, Spar Oranjemund Secretary, Kristian Nikodemus, highlighted the broader economic and social significance of the partnership “By equipping our workforce with the tools to achieve greater financial security, we are not just enhancing individual livelihoods, we are strengthening our communities, contributing to national growth, and ensuring that the benefits of Namibia’s prosperity reach those who work tirelessly for it,” he noted.
Southern Regional Chairperson of the Mineworkers Union of Namibia (MUN) and Namitvest Chairperson, Mayemelo Kalumbu, further underscored the collaborative spirit behind the initiative. He remarked, “Through this partnership, we have created a platform that supports the financial aspirations of our members while deepening the bond between employees and their employer. This is more than signing an agreement, it’s about shaping a future where our members can thrive both professionally and personally,” he mentioned.