The first-ever zero-maintenance fees bank account was launched earlier this month, by Nedbank Namibia.
The account referred to as the ‘Pay-As-You-Use account’ allows clients of any age or income group to pay bank charges only when they make a transaction.
“We are excited to launch the Pay-As-You-Use bank account which does not carry any monthly maintenance fees. Nedbank has designed the account for customers who do not transact frequently, or who want to be in charge of their monthly banking fees on a per transaction basis. In our view, it is the most affordable bank account in its category in Namibia,” said Richard Meeks, Retail Banking Executive at Nedbank.
The account is a contrast to the bank’s Gold Bundled account, where the customer is charged a fixed amount of N$130 for unlimited banking transactions, including Point of Sale swipes and ATM withdrawals, and is the most affordable on the market in its category.
“Simplifying our product range in this way, allows us to put more focus on understanding and serving the customer’s needs, as opposed to maintaining the complexity of a broad product range. The Pay-As-You-Use account forms part of Nedbank’s initiatives to offer easy, safe and convenient banking to clients,” Meeks explained.
Recently, Nedbank Namibia has also launched a new banking app, called Nedbank Money Africa. Moreover, the bank announced its cash withdrawal service points has grown from 65 to 188 by introducing the Cashout service, which is available in all major retail stores countrywide.
Caption: For more information about the Nedbank Pay-As-You-Use account, please do not hesitate to visit the nearest Nedbank branch or phone the Customer Contact Centre at tel: 061-2952222.
The Namibia Fish Consumption Promotion Trust (NFCPT) last week in Walvis Bay launched the National Fish Consumption Day which will be observed next month in Omuthiya.
Chief Executive Officer of the Namibia Fish Consumption Promotion Trust, Victor Pea at the launch said the 8th edition of the day is but one of the initiatives that enable them to contribute towards the governmental objectives to address food and nutritional security, hunger and poverty through improving the quality of education of children.
“This is within the context of ongoing implementation of strategies for smart, sustainable and inclusive growth which, among others, includes the annual day, monthly regional fish Promotions and setting up of retail fish shops in all regions of our country to ensure active representation of our activities and programme,” he added.
Suzan Ndjaleka, Chairperson of the Namibia Fish Consumption Promotion Trust Board of Trustees explained that this event is a collaborative initiative between the Ministry of Fisheries and Marine Resources, NFCPT and stakeholders, which was launched in 2012 to promote and accelerate the consumption of fish at regional level.
“The day is a NFCPT initiative aimed at imparting fish knowledge and culinary skills to our people whilst bringing this much needed nutritional fish closer to them,” she added.
While keynote speaker Bernhard Esau, Minister of Fisheries and Marine Resources, their immediate goal in this financial year is to achieve per capita fish consumption of 20.4 kg per person per year, which translates to about 47 000MT, and to ensure that at least 30% of horse mackerel TAC, or about 110 000 is consumed locally.
“In May this year, we also witnessed the handing of 1387 school mattresses valued at N$478,510 and 12 computers valued at N$221,490 to the Kunene Region, which I facilitated during the commissioning of ‘Operation Sida Di/Goan’ at Kamajab, therefore this gesture is indeed a demonstration of commitment by stakeholders in the fishing industry to contribute towards the achievement of quality education for our children,” he concluded.
By Marizelle Pienaar
Head: analytics and financial risk, Bank Windhoek and Capricorn Group.
Bank and corporate managers are demanding a new generation of risk modelling that goes beyond transparency and enhances their ability to see competitive opportunities as well as to recognise the indications of economic change. New tools are available, but in order to make the organisation truly resilient, managers must radically change their approach to risk decision making. They should pursue a proactive and strategic approach, using insight and foresight to identify and mitigate emerging risks.
Risk modelling uses a variety of techniques incorporating internal and external data in order to analyse portfolios, produce forecasts and conduct stress testing and scenario analysis. The fast changing environment continuously requires that bank and corporate managers have quality data and analysis available to pro-actively sense possible risks in the organisation and to respond appropriately in order to mitigate risks and optimise profits.
A risk model is a mathematical representation of a system, commonly incorporating probability distributions. Models use relevant historical data as well as “expert elicitation” from people versed in the topic at hand to understand the probability of a risk event occurring and its potential severity.
Risk management models serve several purposes in the banking environment and especially at Bank Windhoek. A variety of models are required by regulators, which are focused on ensuring that banks have sufficient reserves to allow for possible losses and that banks pro-actively monitor and report risks to central banks. Accounting standards also require a high degree of financial modelling, especially for the calculation of the expected credit losses of the bank.
Furthermore, risk modelling allows for the pro-active identification and mitigation of risks in various areas, including credit risk, market risk, liquidity risk and capital risk. When correctly applied, risk models can pre-empt risks and allow for the modelling of different scenarios in order to test the outcomes of decisions made. Risk models are also developed to allow for, not only portfolio level insights, but client level insights in terms of credit grading of clients that allows the effective management of the credit risk in the bank.
Risk management in banking has transformed over the past decade, mainly due to continuous changes in regulations and accounting standards. The regulatory environment is continuously changing with the aim of allowing banks to better manage and mitigate risks. The future of risk management indicates broader and deeper regulatory requirements, necessitating an even better understanding of the banking environment as well as forward-looking views on the banking portfolio. Included in these processes are increased modelling to allow automation of processes and to eliminate human errors.
In line with the changing regulatory environment, technological advancements and changing global environment, there is a requirement for faster and more accurate processes to assess client risk and to respond to client queries. This increases the need for risk models to be integrated into business processes at the core of decision-making.
Advanced analytics and understanding of client data is an increasing trend in banking and organisations globally. This increases the need for analytics that arise from risk models, forecasting and scenario analysis. The changing trends create internal and external customers that want to see the risks, understand them and know what decisions can be made to act on the risks. Modelling and analytics in the risk environment can increasingly add value to an organisation if effectively applied to the bank’s portfolios. The modelling of tail-events also become increasingly popular in order to derive model outputs that indicate possible stressed events that could be a risk to the bank. This could allow for the pro-active management of the risk to prevent losses for the organisation.
Risk modelling is an evolving environment in banking and creates a vast network of opportunities for analytics, forecasting, scenario analysis and risk mitigation for the optimal integration of risk management in business and decision-making.
Around 2000 people are expected to throng the Hop Heads craft beer festival slated for 7 September at the Trustco United Sports field in Olympia, Hashtag Events Coordinator, Tina Nangolo said.
The festival is a platform for customers to experience, indulge and gain an appreciation for a limited selection of craft beverages, Nangolo said.
The event offers a spectacular craft beverage experience from a few of the best brewers around Namibia and South Africa, who will also showcase unique flavors and host the very best selections among beers, gins, brandy’s and bespoke mixers, Nangolo added.
“Although the focus is placed on the unique beverage experience, the event was introduced for families and friends of all ages to come and enjoy a day out and also try the delicious array of gourmet meals,” she added.
According to Nangolo, the event also will also feature popular competitions like beer pong as well as live entertainment from local and South African artists.
Meanwhile, the event will feature the following selection of craft beverages, including products such as Camelthorn, Namib Dunes, Tholch brew, Skeleton Coast brewery, Desolate gin, Stillhouse gin, accompanied by some of the best breweries in South Africa, such as CBC, Boston, Darling brew, Wilderer, Musgrave gin, as well as Fitch & Leed.
The inaugural festival which was launched last year managed to attract nearly 1300 people, Nangolo said.
The Retirement Funds Institute of Namibia will host 13th Annual Conference on 25 and 26 September under the theme ‘Our retirement, Our responsibility’, in Windhoek.
The delegates to participate include pension funds trustees, members, pension fund service providers such as administrators, asset managers, benefit consultants, actuaries and auditors, but also benefit businesspersons as well as regulators, among others.
The two-day event, will also be attended by the Minister of Finance, the Mayor of City of Windhoek and the Governor of the Khomas Region.
Researched subjects in relation to pension fund savings and the national economy such as retirement funding; economic climate, stimulation and crisis management; fiscal adjustment process; skills development; job creation opportunities and the impact of domestic asset requirements will be shared at said conference.
Retirement Fund Chair Sabrina Jacobs, speaking at a press conference recently said that their industry faces issues such as changes in legislations, regulations and standards across banking and non-banking financial services and trusts.
“History records that in many instances no proper cost benefit analysis was performed, before changes were made by the policy makers and no proper consultation were held with stakeholders. The FIM Bill, Administration of Estate Amendment Act, definition of provident fund in terms of the Income Tax Act and distribution of death benefits of a pensioner member are some of those issues that are topical issues,” Jacobs said.
Jacobs stressed that the financial sector operates within the global arena and is expected to align best practices and international standards, adding that this one of the tests that foreign investors would measure, to make decisions and do business with Namibia.
“It is also contributing to many positive attributes of compliance, governance and risk management. I am certain that you will agree with me that those are some of the fiduciary roles of each trustee and any person delegated to assist the funds to manage the assets of others,” Jacobs added.
For more details and a registration form, send an e-mail to firstname.lastname@example.org.
Caption: Retirement Funds Institute of Namibia Board of Directors at a press conference held on 19 August in Windhoek.