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Africa Cup of Nations - 17 January to 8 February 2015
The Namibian
Fri 23 Jan 2015
 • THE problems at TransNamib are caused by poor management. The people who authorised the purchase of the faulty Chinese locomotives must be held accountable. They caused this whole scenario. - Concerned Namibian
 • TO all Namibians, the Hereros and Namas must not think that they were the only people who were killed by the Germans. We, the Hai//oms, were also there. We were the ones who were trophy-hunted by the Germans.
 • COMMANDER of the Windhoek Police Station, how many hours is a member supposed to work in a day, especially on a shift or at the roadblock?
 • I AM calling on all the stakeholders in Otjozondjupa, parents, churches and everyone involved in education to come together for the sake of improving the pass rate of the schools in our region. This whole situation is scary. Drastic changes need to be i
 • I, JESSICA K Uises, lost a wallet containing my voter's card, identity document, Unam student card, NamPost Smart Card, Standard Bank and FNB ATM cards. Please contact me on 0818496888.
POLL
What are the biggest issues that Hage Geingob's administration would have to deal with?

1. Curbing corruption

2. Improving the quality of education and healthcare

3. Provide dignified housing for all

4. Create more jobs


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

         


IJG Daily Bulletin

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