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Survey finds financial knowledge rises slowly, financial capability moderately but financial behaviour improves dramatically

Survey finds financial knowledge rises slowly, financial capability moderately but financial behaviour improves dramatically

By Natasha Jacha.

The Bank of Namibia last week launched the Namibia Financial Capability Survey results which were commissioned by the Financial Literacy Initiative and carried out by Survey Warehouse with the support of the Bank of Namibia and the Namibia Statistics Agency.

Present at the launch was the Secretariat Manager of the Financial Literacy Initiative, Mr Francois Brand, the Deputy Director of Strategic Communication of the Bank of Namibia, Mr Kazembire Zemburuka on behalf of Governor Ipumbu Shiimi and Mr Alex Shimuafeni, the Statistician General representing the Namibia Statistics Agency.

According to Kazembire, as enshrined in Vision 2030, the 5th National Development Plan and the Financial Sector Strategy 2011-2021, Namibia strives to achieve an inclusive financial sector as well as financially literate and protected consumers of financial services and products.

The Namibia Financial Capability survey measured and assessed the country’s financial capability over the period of four years, identifying the financial education needs of enterprises, households, individuals and other target groups. It also evaluated the impact of financial education activities that have been implemented by the Financial Literacy Initiative.

The average overall Namibia Financial Capability score for 2017 was 52.94%. In comparison with the 2013 survey results, this is a ten percentage points higher than the previous 42.75%. Financial knowledge increased by 0.07% and financial behaviour by 18.51%.

“By using the collected and analysed information, progress and impact of future activities can be continuously measured. It is envisaged to carry out the Namibia Financial Capability Survey on a regular basis” the Bank of Namibia stated.

The ceremony was concluded with powerful words from the Corporate Communications Manager at NAMFISA, Ms. Victoria Muranda; “there is power in credible data, there is power in information and data can ignite change.”


Caption: Statistician General Alex Shimuafeni (left), Kazembire Zemburuka of the Bank of Namibia, and Francois Brand of the Financial Literacy Initiative.


About The Author

Daniel Steinmann

Brief CV of Daniel Steinmann. Born 24 February 1961, Johannesburg. Educated at the University of Pretoria: BA, BA(hons), BD. Postgraduate degrees are in Philosophy and Divinity. Editor of the Namibia Economist since 1991. Daniel Steinmann has steered the Economist as editor for the past 29 years. The Economist started as a monthly free-sheet, then moved to a weekly paper edition (1996 to 2016), and on 01 December 2016 to a daily digital newspaper at www.economist.com.na. It is the first Namibian newspaper to go fully digital. Daniel Steinmann is an authority on macro-economics having established a sound record of budget analysis, strategic planning and assessing the impact of policy formulation. For eight years, he hosted a weekly talk-show on NBC Radio, explaining complex economic concepts to a lay audience in a relaxed, conversational manner. He was a founding member of the Editors' Forum of Namibia. Over the years, he has mentored hundreds of journalism students as interns and as young professional jourlists. He regularly helps economics students, both graduate and post-graduate, to prepare for examinations and moderator reviews. He is the Namibian respondent for the World Economic Survey conducted every quarter for the Ifo Center for Business Cycle Analysis and Surveys at the University of Munich in Germany. He is frequently consulted by NGOs and international analysts on local economic trends and developments. Send comments to daniel@economist.com.na

Following reverse listing, public can now acquire shareholding in Paratus Namibia

Promotion

20 February 2020, Windhoek, Namibia: Paratus Namibia Holdings (PNH) was founded as Nimbus Infrastructure Limited (“Nimbus”), Namibia’s first Capital Pool Company listed on the Namibian Stock Exchange (“NSX”).

Although targeting an initial capital raising of N$300 million, Nimbus nonetheless managed to secure funding to the value of N$98 million through its CPC listing. With a mandate to invest in ICT infrastructure in sub-Sahara Africa, it concluded management agreements with financial partner Cirrus and technology partner, Paratus Telecommunications (Pty) Ltd (“Paratus Namibia”).

Paratus Namibia Managing Director, Andrew Hall

Its first investment was placed in Paratus Namibia, a fully licensed communications operator in Namibia under regulation of the Communications Regulatory Authority of Namibia (CRAN). Nimbus has since been able to increase its capital asset base to close to N$500 million over the past two years.

In order to streamline further investment and to avoid duplicating potential ICT projects in the market between Nimbus and Paratus Namibia, it was decided to consolidate the operations.

Publishing various circulars to shareholders, Nimbus took up a 100% shareholding stake in Paratus Namibia in 2019 and proceeded to apply to have its name changed to Paratus Namibia Holdings with a consolidated board structure to ensure streamlined operations between the capital holdings and the operational arm of the business.

This transaction was approved by the Competitions Commission as well as CRAN, following all the relevant regulatory approvals as well as the necessary requirements in terms of corporate governance structures.

Paratus Namibia has evolved as a fully comprehensive communications operator in Namibia and operates as the head office of the Paratus Group in Africa. Paratus has established a pan-African footprint with operations in six African countries, being: Angola, Botswana, Mozambique, Namibia, South Africa and Zambia.

The group has achieved many successes over the years of which more recently includes the building of the Trans-Kalahari Fibre (TKF) project, which connects from the West Africa Cable System (WACS) eastward through Namibia to Botswana and onward to Johannesburg. The TKF also extends northward through Zambia to connect to Dar es Salaam in Tanzania, which made Paratus the first operator to connect the west and east coast of Africa under one Autonomous System Number (ASN).

This means that Paratus is now “exporting” internet capacity to landlocked countries such as Zambia, Botswana, the DRC with more countries to be targeted, and through its extensive African network, Paratus is well-positioned to expand the network even further into emerging ICT territories.

PNH as a fully-listed entity on the NSX, is therefore now the 100% shareholder of Paratus Namibia thereby becoming a public company. PNH is ready to invest in the future of the ICT environment in Namibia. The public is therefore invited and welcome to acquire shares in Paratus Namibia Holdings by speaking to a local stockbroker registered with the NSX. The future is bright, and the opportunities are endless.