FinEd changes name to NEDloans

WINDHOEK – Namibians’ lack of access to financial services remains a national challenge, Deputy Prime Minister Libertina Amathila says.

Speaking at the launch of NEDloans (formerly known as FinEd), Amathila said without access to financial services a large portion of the population would continue to live in abject poverty and underdevelopment. “To break this vicious cycle of economic exclusion, poverty and underdevelopment in the country, the Government, donors and private sector from time to time make critical and strategic decisions to intervene in the presently skewed and unsustainable economic structure, in an attempt to redress the economic imbalances that persist in Namibia,” she said.Amathila said one of these Government efforts to ensure access to financing was the creation of the Development Bank of Namibia.She said most people were unaware of facilities such as NEDloans, which gave personal loans at reasonable interest rates.Citizens seemed to be aware only of ‘cash-loans’ establishments, which charged excessive interest rates compared to banks and other financial institutions, she said.Speaking at the same occasion, the Managing Director of NEDloans, Nangula Hamunyela, said FinEd (Financial Education) was established in 1998 with the support of the now defunct Saambou Bank in South Africa and in 2002 NedBank became a shareholder.She said NEDloans would have a three-week road show to inform people about how they can benefit from NEDloans.The financial institution employs 51 people, with 90 per cent of the work staff being women, she said.-Nampa”To break this vicious cycle of economic exclusion, poverty and underdevelopment in the country, the Government, donors and private sector from time to time make critical and strategic decisions to intervene in the presently skewed and unsustainable economic structure, in an attempt to redress the economic imbalances that persist in Namibia,” she said.Amathila said one of these Government efforts to ensure access to financing was the creation of the Development Bank of Namibia.She said most people were unaware of facilities such as NEDloans, which gave personal loans at reasonable interest rates.Citizens seemed to be aware only of ‘cash-loans’ establishments, which charged excessive interest rates compared to banks and other financial institutions, she said.Speaking at the same occasion, the Managing Director of NEDloans, Nangula Hamunyela, said FinEd (Financial Education) was established in 1998 with the support of the now defunct Saambou Bank in South Africa and in 2002 NedBank became a shareholder.She said NEDloans would have a three-week road show to inform people about how they can benefit from NEDloans.The financial institution employs 51 people, with 90 per cent of the work staff being women, she said.-Nampa