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Namibia commemorates World Food Day

Namibia commemorates World Food Day

The City of Windhoek commemorated World Food Day yesterday at Otjomuise. This is the first ever commemoration of the Wor...

NamPower sighs relief as new PPA is signed

NamPower sighs relief as new PPA is signed

The power utility company NamPower on Thursday signed a new Power Purchase Agreement (PPA) with Zimbabwe Power Company (...

90 Years of Logistics Innovation

90 Years of Logistics Innovation

This year, Manica Group Namibia celebrates its 90th anniversary, making it one of the longest serving logistics companie...

O&L best company four years in a row

O&L best company four years in a row

Berthold Mukuahima (left), the O&L Group's Human Capital Director and Sonja Thieme, the Group Manager: Employee Enga...

Windhoek municipality contemplates bond issuance

Windhoek municipality contemplates bond issuance

The City of Windhoek could potentially join a handful of Sub-Saharan municipalities and list a bond, seeking funding fro...

Govt talks export levy again

The Minister of Trade and Industry, Hon Calle Schlettwein announced this week at the Namibia Agricultural Union Annual C...

NAMFISA reviews strategy

Financial institutions regulator, NAMFISA said it plans to have a modernised regulatory and supervisory framework in place within the next three years. The new laws will provide the regulator with strong enforcement powers against institutions that are found to contravene these laws.
Chairman of the NAMFISA board, Rick Kukuri said the revised strategy sets out the strategic objectives of the authority over the next five years and forms the basis of NAMFISA’s annual planning.
The new legislative base will also give the regulator the ability to deploy its limited resources towards the most vulnerable areas in the financial system. NAMFISA will further direct its attention to building the required human capacity which will enable it to deliver on its mandate effectively.
CEO Phillip Shiimi said given the importance of regulatory reform, “we placed the review of the financial institutions and markets bill at the top of our priorities. The financial institutions and market bill will provide us with a modern, flexible regulatory framework in the years to come.”
According to NAMFISA’s 2011 annual report, twenty new micro-lenders were licensed last year while two licenses were cancelled. The micro-lending sector now has 347 registered micro lenders, with total loans extended increasing by 19% to N$1.1 billion.
In the period under review, Investment management companies had N$86 billion of Namibia’s savings under management compared to N$84 billion in the previous period of which 53% was invested locally, while unit trust companies managed N$26 billion compared to N$25 billion in the previous period, 49% of which was is invested locally.
Long term insurers raised a total of N$4.5 billion in premiums in 2010 with total accumulated assets reported at N$25 billion compared to N$22 billion in 2009 against policy holders liabilities of N$22 billion compared to N$20 billion in 2009.
On the other hand, short term insurers reported an increase of 21% in assets to N$2.36 billion, receiving gross premiums of N$2.03 billion up from from N$1.76 billion in 2009. A total of N$162 million was paid in premiums for insurance placed outside the country, the report indicates.
Furthermore, the report shows that total pension funds reached N$63.9 billion from N$55.8 billion during 2009 while the medical aid fund, which covered 152 328 beneficiaries compared to 148 040 in 2009, received contributions amounting to N$1.5 billion up from N$1.39 billion received in 2009.

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17 October 2014 (17 hits)
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Headlines
The City of Windhoek commemorated World Food Day yesterday at Otjomuise. This is the first ever commemoration of the World Food Day in Windhoek and...
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