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The Namibian Home PageWed 23 Jul 2014, 02:55Last update: 22 Jul 2014
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FIFA World Cup 2014
 • HAGE Geingob, we have been trying to serve you since your first term as Prime Minister but have only managed to gather for ourselves a little shack. We can’t charter your taxi or offer you red wine in an expensive glass but we can give you the best vetk
 • I THINK it’s time we the youth organised ourselves to have a voice on, not only how our country is run, but also the opportunities we feel will empower us to continue economic freedom. This would be a nice apolitical association. A place for discussions
 • MINISTER Charles Namoloh, after the implementation of the new salary structure, a certain manger at the Lüderitz Town Council say that he won’t follow that structure. He will do what he wants and we will see. Pay him a serious visit, please.
 • THE Ministry of Health and Social Services has never experienced a shortage of medicine for 24 years. The PS diverts from tender procedures to allocate business to his friend’s companies. Is there some sort of benefit for him there? The shortage of medi
 • I FOUND the identity document, voter’s card and Jet Stores credit card of Petronella Katjiteo. Please contact me on 0816706576.
POLL
The ministry of health is regularly in the news for all the wrong reasons. Why?

1. Incompetent leadership

2. Budgetary constraints

3. Outdated systems and infrastructure

4. There's nothing wrong at MoH


Results so far:
 Older Polls

FRONT PAGE | 2011-10-07
Banks Commit 'Daylight Robbery'
ALLOW me to give information on how the private lending institutions are ripping off our hard earned money. A typical real loan of N$9000 (nine thousand dollars) taken at a commercial bank reveals the following:
Cash amount received: N$9000.00
Stamp duties     11.00
Namfisa    90.00
Credit life insurance    1628.64
Bank admin fees    180.00
Administration fees 540.00
Finance charges 15.05%    2849.20
Total     14 298.84
The above total loan of N$9000.00 amounted to N$14298.84 and was repaid from February 2011 till January 2014, in 36 months (i.e. 3 years) for N$397.19 each month. As if the charges are not enough, the bank adds 2% of the instalment plus VAT of N$9.14 (this amount is paid to the administrator of the government payroll deduction system).
The new total deduction will be N$406.33 per month for 3 years.
In terms of the contract, you the borrower, will be punished for paying off the loan early. Is this really legal?
How can I be punished when I am willing to pay sooner? I thought that it makes common sense since I will not be owing until 2014. But no, to the banks it does not make economic sense.
This is daylight robbery, hence the change to the old Usury Act still been used in Namibia is needed.

F X Shikongo
By e-mail

         


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