Select Page

What matters to farmers matters to Momentum Short Term Insurance

What matters to farmers matters to Momentum Short Term Insurance

A short term insurer is taking the plight of farmers to heart, offering them to revert one month’s premium or an amount equal to one month’s premium during this month. This gesture is to support farmers’ cash flow which is severely constrained as a result of the drought.

Momentum Short Term Insurance’s Chief Executive, Johan Barnard made the commitment earlier this week while acknowledging the dire straits farmers are in.

“Momentum Short Term Insurance will repay the last month’s premium or an amount equal to one month’s premium to policyholders in December 2019. It is our contribution to our faithful clients to show that we know how difficult times are. This drought is continuing unabated and farmers need support to keep feeding animals or paying workers, school fees, fuel and ration bills. We hope this will help our farming clients in their struggle to stay afloat,“ Barnard said.

Sharing the farming community’s joy over the tentative start of the rain season, Momentum however pointed out that it realises that the effects of the drought are not over. Animals are dying daily on almost every farm in the country from the Kunene region in the north to the Karasburg district in the south.

“Commercial farmers are struggling to find a way forward and for many the time has come to re-calculate how they will be able survive until next season. In fact, the Hardap Irrigation Scheme farmers agreed that up to 40% of the arable land will not be cultivated until after the dam has received a significant inflow.”

Farm workers are forced to find alternative employment, money to purchase animal feed are running out and spending on luxuries have completely ceased. In many cases, farmers struggle to keep up with daily expenses, their cash flow is under pressure and budget cuts are unavoidable. Even after the expected rain season, it is merely the beginning of a long and hard struggle to get back on track.

“Farmers, by virtue of their business, keep the primary economy running and provide jobs to thousands of people in rural areas, typically under difficult circumstances,” stated Barnard.

The damage to the national livestock herd caused by mortality and the forced export of live animals has not been calculated yet nor has the impact of the large number of female production animals that had to be removed from the veld for survival.

“The business sector, especially financial institutions, contributes greatly to the survival of the farming sector, knowing that farmers’ role in food supply remains the engine of Namibia’s economy. Farmers are major employers and more often than not, new inventions and good, healthy businesses are born on farms. Supporting a farmer in his hour of need is always a good investment, because in turn, his business creates new opportunities,” according to Momentum.

“Momentum Short Term Insurance, a young leader in the short-term insurance industry, realizes the severity of the situation in which hundreds of working farms find themselves in. To ease the burden, Momentum Short Term Insurance announced that it will assist farmers with cash flow in December this year,” Barnard concluded.


About The Author

The Staff Reporter

The staff reporter is the most senior in-house Economist reporter. This designation is frequently used by the editor for articles submitted by third parties, especially businesses, but which had to be rewritten completely. - Ed.

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


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.