page contents
Connect with us

Business

Namibia Ranked 4th in SADC in Terms of Financial Inclusion

Published

on

Namibia eco

The latest results from the Namibia Financial Inclusion Survey (NFIS) indicate that the country’s banking population increased to 67.9 percent in 2017, up from 45 percent in 2011. In addition, the majority of the eligible banking population, 64.7 percent, said they consider Automated Teller Machines the most comfortable banking channel followed by bank branches at just over 58 percent.



“When comparing Namibia to other countries in the SADC region where the financial inclusion surveys have been implemented, Namibia is ranked fourth in terms of financial inclusion, with Seychelles topping the region,” said Statistician General and CEO of the Namibia Statistics Agency (NSA), Alex Shimuafeni.

The results of the national survey, of which the target population was eligible members of private households, further indicated, at close to 60 percent, that the main barrier to banking was a lack of money for saving purposes while a marginal percentage (0.1 percent) reported the inconvenience of banking hours as a barrier to accessing financial services. The results also showed that the majority of the eligible population (32.5 percent) earns up to N$1000 per month with the main source of income being wages from private companies whilst government or parastatal wages ranked third at 10.3 percent.

FOLLOW US ON INSTAGRAMLINKEDINYOUTUBETWITTER & FACEBOOK

In addition, approximately 19 percent of the eligible population reported having borrowed money in the past six months preceding the 2017 NFIS. The main reason for borrowing was for buying food but the main barrier to accessing credit was out of fear of increased debt.

 The NFIS 2017 also revealed that close to 13 percent of adults in the country has or used credit or loan products from banks during the six months before the 2017 NFIS. “They could also be using other non-banking credit or loan products and/or borrowed from friends or family, but the defining characteristics are that they borrow (some or all of their credit) from a bank,” explained Shimuafeni.

-NEWERA

Business

Uganda Shilling Fares Well than past week.

Published

on

The Uganda Shilling was relatively stable, trading within range of 3747/57 as market demand was evenly matched by the inflows.




In the interbank money market, overnight funds traded at 6.50% while one week traded at 10%, a report by Alpha Capital Markets indicates.

The Shilling closed the week at around 3,744.88/3,754.88 to the US Dollar, up from 3,748/58 last week buying and selling.

In the fixed income market, a treasury bill auction with sh195bn on offer was held. Yields marginally declined across all the tenors and came out at 10.800%, 12.400% and 13.501%, for the 91, 182 and 364 days. The auction was hugely oversubscribed.

IMG-20180912-WA0030

In the regional currency markets, the report further indicates that the Kenya Shilling was quickly coming under pressure due to increased demand from importers of oil and other commodities as they close out payments for orders ahead of the festive season.

The Kenya and Tanzanian currencies traded at 36.77/36.87 and 1.63/1.64 buying and selling respectively.

Stephen Kaboyo the Alpha Capital Markets CEO, said that in international markets, the US Dollar gained against other major currencies as the Federal Reserve kept interest rates steady but reaffirmed its monetary tightening, setting the stage for a rate hike in December.

FOLLOW US ON:
 INSTAGRAMLINKEDINYOUTUBETWITTER & FACEBOOK

On the other hand, Kaboyo added that the US midterm elections outcome that markets interpreted as a gridlock on Capitol Hill, came in support of the greenback with expectation that chances of further fiscal stimulus and tax cuts will be minimal.

“Outlook for the shilling indicate a range bound unit as mid-month market dynamics set in. It is likely that demand will remain at a low ebb,” he said.

Dealers attributed the performance of the Shilling to liquidity squeeze in the money markets.

TO DOWNLOAD OUR MOBILE NEWS APP CLICK HERE
WATCH RUSSIA 2018 HIGHLIGHTS HERE

-NewVision

Continue Reading

Business

Zimbabwe’s Airline, Kenya’s Bond to Be Sold

Published

on

Kenya Central Bank has said the country will in November sell 20-year amortised infrastructure bond worth 50 billion shillings ($489 million) just as Zimbabwe pushes to privatise airline.



The the bond which will have an 11.95 per cent coupon will have its proceeds used for road, water and energy projects, it said.

It added that it would accept bids for the bond from Monday to Tuesday and auction it on Wednesday. ($1 = 102.1500 Kenyan shillings).

Also Zimbabwe has invited bids for the state-owned airline.

President Emmerson Mnangagwa’s government is pushing ahead with a drive to privatise and end state funding to loss-making firms, Air Zimbabwe’s administrator said on Monday.

IMG-20180912-WA0030

Air Zimbabwe, which owes foreign and domestic creditors more than $300 million, was in October placed into administration to try and revive its fortunes.

The troubled airline is among dozens of state-owned firms, known locally as parastatals, that are set to be partially or fully privatised in the next nine months as the government seeks to cut its fiscal deficit seen at 11 per cent of GDP this year.

FOLLOW US ON:
 INSTAGRAMLINKEDINYOUTUBETWITTER & FACEBOOK

Air Zimbabwe administrator Reggie Saruchera said in a notice published in media on Monday that potential investors should make their bids before November 23 after paying a non-refundable deposit of $20,000.

Saruchera did not indicate whether investors would be allowed to tender for partial or total shareholding in Air Zimbabwe. He was not immediately reachable for comment.

Only three of Air Zimbabwe’s planes are operational, with another three grounded, which has forced it to abandon international routes.(NAN).

TO DOWNLOAD OUR MOBILE NEWS APP CLICK HERE
WATCH RUSSIA 2018 HIGHLIGHTS HERE

Continue Reading

Facebook

Advertisement
Advertisement

Trending

Copyright © 2018 Anttention Media. All rights reserved