Saving a big issue, says NamPost

NAMPOST recently introduced vendors of The Big Issue magazine to the benefits of having a savings account and managing their finances properly.

The vendors who sold the most magazines in August were given the opportunity to open savings accounts with an opening balance of N$10. The normal opening balance for a NamPost savings account is N$50.Another requirement for opening in account is a fixed residential address.Since Big Issue vendors are homeless people, NamPost bent its rules by accepting the business address of The Big Issue as their residential address.Providing identification documents could also prove a problem for the vendors, as many of them were orphans or abandoned children who do not have birth certificates or ID documents, said Vincent Mareka, business development officer of NamPost.So far, all the vendors who have opened NamPost savings accounts had some sort of identification, but NamPost promised that it would accommodate others who don’t.The Big Issue has vendors in towns across Namibia and they will also be given the opportunity to open savings accounts in the near future.Mareka said the new account holders received free advice on how to budget and manage their money.”Money management and savings add another dimension to the lives of our vendors and may encourage them to increase their income through monthly sales of The Big Issue to members of the public.We welcome and appreciate this kind of corporate involvement in our project and look forward to our vendors making use of this opportunity,” said Jo Rogge, director of The Big Issue.The normal opening balance for a NamPost savings account is N$50.Another requirement for opening in account is a fixed residential address.Since Big Issue vendors are homeless people, NamPost bent its rules by accepting the business address of The Big Issue as their residential address.Providing identification documents could also prove a problem for the vendors, as many of them were orphans or abandoned children who do not have birth certificates or ID documents, said Vincent Mareka, business development officer of NamPost.So far, all the vendors who have opened NamPost savings accounts had some sort of identification, but NamPost promised that it would accommodate others who don’t.The Big Issue has vendors in towns across Namibia and they will also be given the opportunity to open savings accounts in the near future.Mareka said the new account holders received free advice on how to budget and manage their money.”Money management and savings add another dimension to the lives of our vendors and may encourage them to increase their income through monthly sales of The Big Issue to members of the public.We welcome and appreciate this kind of corporate involvement in our project and look forward to our vendors making use of this opportunity,” said Jo Rogge, director of The Big Issue.