Business

The total number of new loans issued in the country as of 31 December 2019 contracted by 11% compared to the previous reporting year. 

Research conducted by Usuta Kavari, a Namibian economist currently furthering his studies in the United Kingdom, found that while microlending and payroll deductions improved the institutional environment that engendered financial deepening in Namibia, a need exists to improve compliance standards to ensure that consumers are protected and not put at risk of unscrupulous and predatory lending practices.

Namibian born Joshua Nghaamwa has created a device that many people believe is as an information communication technology (ICT) solution for the African continent at large.

Despite difficult economic conditions in its trading environments of Namibia and neighbouring Zambia, the Capricorn Group still started the 2020 financial year with confidence and even delivered positive half-year results.

Prime Minister Saara Kuugongelwa-Amadhila said the outbreak of Covid-19 has come as an opportunity for businesses in the country to come up with new ideas. 

The Bank of Namibia (BoN) and the South African Reserve Bank (SARB) have cut the repo rate several times since both countries announced states of emergency, closed borders and locked down schools and businesses to curb the spread of the coronavirus, bringing domestic interest rates to historic low levels. 

The Environmental Investment of Namibia (EIF) has been awarded a Sustainable Finance Award by the city of Karlsruhe in Germany for Outstanding Sustainable Project Financing recognising its success in financing Climate-Change Resilient livelihoods. 

For the past six months, all tourism companies have been severely affected by Covid-19 – and the Namibia Wildlife Resorts Limited (NWR), being one of the dominate players in the local industry, was not spared from the impacts of the pandemic. 

Heineken South Africa (SA) experienced severe trade restrictions in South Africa, contributing to the Namibia Breweries Limited (NBL) to experience a significant downturn in business and a subsequent share of associate loss of N$76.7 million.

The Swakopmund municipality has sponsored 10 local entrepreneurs to the tune N$530 000 to enter a 12-month training programme with the support of the Dome facility.