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The Namibian Home PageMon 28 Jul 2014, 11:19Last update: 28 Jul 2014
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Mon 28 Jul 2014
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FIFA World Cup 2014
 • I FAIL to understand how the President and his government feel about Namibians who are still drinking underground water from wells and those staying in shacks after 24 years of independence. Can’t we let the President sleep in a shack for a while or let
 • FIRSTLY, our future president must regularly visit the townships to see the poor conditions people live in. People are really in need of food, houses with toilets and electricity etc. This is serious, please pay an urgent visit to the regions.
 THE Israeli consulate must close down and all their diplomats sent back to racist Israel. They cannot be allowed to lead a life in tranquility, while their government is mercilessly killing Palestinians. To hell with that racist regime.
 • TO the person complaining about the PM’s trip to Brazil. He was representing Bullet Oviritje group. They were performing in Brazil. As simple as that.
 • THE people at Omatako in Tsumkwe West are still waiting for their own ambulance. Do something, Mrs Kavezembi. We are counting on you.
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 Outdated systems and infrastructure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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