BoN paid out N$ 85,9 million through its SME Economic Recovery Loan Scheme

The Bank of Namibia (BoN) has so far paid out N$ 85,9 million to SMEs through its SME Economic Recovery Loan Scheme. 
The Scheme is designed to support SMEs in an effort to promote economic recovery. 

The Central Bank says the SME Economic Recovery Loan Scheme is a much-needed boost that has created employment opportunities for Namibians who would have otherwise been jobless in the aftermath of the COVID-19 pandemic and geopolitical storms. 

Metcalfe Beukes Attorneys calls BoN to intervene in how banks deal with defaulting home loans

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.

BoN announces COVID-19 relief measures will remain to support economic recovery

The Bank of Namibia (BoN) announced on Wednesday that some of the COVID-19 relief measures will remain in place to support economic recovery.

In a media statement issued on Wednesday, BoN’s Strategic Communications and International Relations Director, Kazembire Zemburuka, said BoN has decided to continue with some of the measures instituted to cushion households and businesses from the impacts of the COVID-19 pandemic and its related restrictions on economic activities.

Financial turbulence in USA and Europe have no effect on Namibia

The Namibian banking institutions have solid financial buffers to withstand risks from internal and external shocks.

The Bank of Namibia gave this assurance following financial turbulences in banking institutions in the United States and Europe.

The latest international financial crisis involves Swiss Bank Credit Suisse, which was rescued by a sister Swiss company.

The Bank of Namibia declines to comment on alleged N$60 billion theft

The Bank of Namibia has declined to comment on the alleged N$60 billion theft case currently being investigated by the Namibian Police. Instead, after being approached for comment on the alleged theft, BoN Director of Communications Kazembire Zemburuka directed nbc News to the Namibian Police.

"The matter is in the domain of law enforcement. All inquiries should be directed to the Namibian Police," read the online reply authored by Zemburuka.

On Wednesday, the Namibian police issued a report, in which it stated that Credit Union Namibia was defrauded of N$60 billion.

No end to BoN, Trustco tussle

The fight between Trustco and the Bank of Namibia is far from over, as the two were again involved in a tit-for-tat this week, with a judgement against the central bank and a fresh application by the latter to have Trustco Bank liquidated.

The Bank of Namibia made a fresh application to the High Court that Trustco Bank be liquidated on November 2, and a day later, on November 3, a client of Trustco won an application in the High Court preventing and stopping the central bank from its intentions to take steps against the private bank.

BoN warns public to be alert

The Bank of Namibia (BoN) is warning the public to be on alert as there is an increase in "419 scams", well-known for duping unsuspecting participants of non-existent investment funds into paying a certain amount of money to fraudsters.

The bank’s Director of Strategic Communications, Kazembire Zemburuka, says the bank has noticed an increasing number of scammers seeking unsolicited financial assistance from Namibians to finance the country’s developmental agenda.