Residents of Windhoek have embarked on a mass protest against commercial banks over home repossessions.
The protests are set to be undertaken nationwide.
Led by the National Ownership Association, protestors say the issue of repossession has been a longstanding concern, and many citizens have lost their primary residence as a result.
The petitioners want an amendment to the law to allow people to live dignified lives.
The debate around whether commercial banks are profiteering from clients through what MPs call multiple unethical charges triggered intense discussion in the National Assembly.
This comes after the Deputy Minister of Works and Transport, Veikko Nekundi, moved a motion on the possibility of investigating exorbitant interest rates charged by commercial banks.
In their contributions, several MPs highlighted the gravity of the situation, suggesting immediate action to address the injustices that they agreed that banks subject clients to.
The Namibia Deposit Guarantee Authority is in the Otjozondjupa Region to educate commercial banks and community members on the types of protection they offer depositor funds.
Before deciding to put their trust in banks, most people worry whether their money will be safe.
The primary mandate of the Namibia Deposit Guarantee Authority is to administer the Deposit Guarantee Scheme, which covers more than 90% of current depositors across the country.
Foreclosures and the repossession of homes have been a hot topic making rounds in local media.
Statistics show that commercial banks have repossessed unsold residential properties valued at N$251 million in the past five years until the end of June last year.
The situation surrounding foreclosures has sparked debate around the conduct of creditors, with some calling for the review of laws of what has been termed as "unjust" home repossessions.
Metcalfe Beukes Attorneys is calling on the Bank of Namibia (BoN) to intervene in how commercial banks deal with defaulting home loan holders.
In a letter directed to the Governor of the Central Bank, Attorney Richard Metcalfe accused commercial banks of economically enslaving defaulters and ignoring relief measures provided for by the Bank of Namibia.
In a five-page letter written on behalf of numerous home loan holders, the firm says homeowners are forced to default due to economic circumstances such as the COVID-19 pandemic.
Metcalfe Beukes Attorneys is calling on the Bank of Namibia (BoN) to intervene in how commercial banks deal with defaulting home loan holders.
In a letter directed to the Governor of the Central Bank, Attorney Richard Metcalfe accused commercial banks of economically enslaving defaulters and ignoring relief measures provided for by the Bank of Namibia.
In a five-page letter written on behalf of numerous home loan holders, the firm says homeowners are forced to default due to economic circumstances such as the COVID-19 pandemic.
