Mineworkers union introduces new products for members through NAMIT
By Adolf Kaure.
The Mineworkers Union of Namibia (MUN) introduced new products to its members through the Namibia Miners Investment Trust (NAMIT) Education Fund during the union’s Indaba which took place on Thursday in Swakopmund.
The successful launch was attended by the MUN leadership from different parts of Namibia, NAMIT management as well as Legalwise member of technical partners, David Klark who visited from South Africa.
According to MUN President, Ismael Kasuta, the union always sees to it that the needs of the miners are put first. “This does not only mean favourable working conditions, but we also want miners to benefit beyond their employable years” he said.
The products, introduced at the Indaba, encompass the education, employment and legal needs of miners. Along with NAMITVEST, which allows miners, ex miners and their descendants to invest in stocks, these products provide unparalleled benefits to the union’s members.
The NAMIT Education Fund iassists the dependents of MUN members and ex-members to pursue higher education courses at universities, vocational training colleges or other educational institutions within Namibia. Applications opened on 1 November 2023 and will cotinue until 15 January 2024.
The NAMIT (Small and Medium Enterprises) SME Fund was established to respond to strengthen the economic activities of MUN members and their descendants. Through this vehicle, SMEs owned by registered members, registered ex-members as of 1 June 2020 and their dependents, with purchase order or approved invoice can apply for up to N$150,000 bridging finance.
These funds can be paid back in three months. The NAMIT SME Fund is managed by Bellatrix Investment Managers.
“Some of the commodities that are mined are highly volatile with prices easily influenced by circumstances beyond our control. For this reason, the MUN wants its members to have a strong footing in the economic sector.”
“Often access to a line of credit is the difference between taking the next step or an SME failing. With this Fund, we are giving a vote of confidence in our members,” said MUN General Secretary, George Ampweya.
Finally, the NAMIT Legal Plan gives registered MUN members, ex members and their descendants access to legal services.
The union said it is the first union in Namibia, if not the entire SADC region, to take out full legal cover for its members. All three benefit programmes are already active with some members.
Stakeholders who attended the MUN Indaba in Swakopmund. (Photograph courtesy of the Mineworkers Union of Namibia)
