By Emma Kakololo
WINDHOEK
NamPost and Nedbank Namibia yesterday launched a strategic partnership to provide a broad range of financial services to Namibian consumers.
The public-private partnership will enable NamPost’s clients’ access to loans as well as insurance products from Nedbank.
NamPost’s clients can apply directly for the loans at post offices countrywide, while NamPost will ensure application forms are completed correctly and forward them to Nedbank.
Once approved, Nedbank will pay the loan money into the client’s Smart Card, while repayments will be debited automatically from the card on a monthly basis.
Shihaleni Ndjaba Permanent Secretary of the line-ministry responsible for NamPost, Works Transport and Communication yesterday explained details surrounding the new partnership.
He said that in addition to the loans – similar to micro-loan type loans -NamPost clients could also apply for insurance products from Old Mutual Group and benefit from access to international money transfer Services via Nedbank.
Ndjaba – soon departing for the Diamond Trading Company – also emphasised that partnership between institutions did not constitute a merger of the two companies.
Each company will retain its own independent character and status and will continue to operate under the respective laws and regulations governing its operations.
“NamPost is not going into lending. Any lending to NamPost’s clients will be done by Nedbank Namibia. The latter will do the credit assessment, assume the risk associated with the lending and will also own the loan book related to this partnership.”
Speaking at the launch yesterday, Sakaria Nghikembua, Chief Executive Officer of NamPost said the main objective of the partnership was to ensure that a significant part of the 50 percent of Namibians that are currently “under-banked” or “not banked at all” are provided for.
“The winner here is Namibia, and Namibians only. The majority, who are presently not catered for, will have access to a full range of financial services. They will truly be brought into the mainstream of the economy,” he said.
NamPost through its Savings Bank business unit is a deposit-taking institution. It offers products such as savings accounts, save-as-you-earn accounts, fixed term deposits, savings certificates, notice deposits and call accounts.
The company currently operates 122 branches and 150 “point of sales” devices outside the post office. With about 205ǟ