AGGRIEVED: Microlender Frank Osaghae. PHOTO: CONTRIBUTED
AGGRIEVED: Microlender Frank Osaghae. PHOTO: CONTRIBUTED

Cash loans cry foul

Microlender takes aim at association
Aiso Finance owner Frank Osaghae is concerned about how the Microlenders Association of Namibia management committee uses members' N$630 monthly fees.
Ogone Tlhage
A Windhoek-based microlender has accused the Microlenders Association of Namibia management committee members of racism for refusing black microlenders a chance to serve on the committee and of hiding its financial records.

Frank Osaghae, whose microlending business Aiso Finance is registered with the association, said black members are denied the right to serve on its management committee, while it hides how membership fees are used.

Members of the association are expected to cough up N$630 every month.

“I asked on several occasions what the membership fee is paid for, they only said it goes into the reserves and to fight legal matters. When I asked the board to help struggling microlenders, they said the organisation is not for gain,” he said.

“I also proposed that the executive committee be colour-balanced.”

Namibian Sun has spoken to two other microlenders – who chose to remain anonymous – who claim the association only benefits a handful of businesses.

According to Namibia Financial Institutions Supervisory Authority (Namfisa) statistics, the country had 360 registered microlenders at the end of 2021.

The Namibian reported last year that at the end of 2019, microlenders had 516 970 active loans with a combined value of N$6 billion. Many of these so-called 'loan sharks' charge interest rates of up to 30% on loans dished out.

‘Systematic corruption’

According to Osaghae, the association has a lot of money in its reserves from membership fees, but no accounts of these funds are given.

“I asked them who are we fighting legally and who are we paying for? White monopolists get remunerated under the guise that they are executives. I asked them what are they being paid for, what work do they do?”

He added that he is intent on opening a case with the Anti-Corruption Commission (ACC) about the management committee’s activities, saying there was a possibility that monies are used for self-gratification.

“I am concerned that there is systematic corruption. I am concerned that they are using our funds for their own interests. The chairman of the committee has the sole mandate to membership fees. In the event the organisation closes, the management committee has the right to disburse funds into an organisation that they have chosen.

“There is more than meets the eye here. I’ve written to the ACC,” Osaghae said.

Retract, or else

In a letter to the Aiso Finance owner - seen by Namibian Sun - the association’s lawyer Charles Visser of ENS Africa demanded that Osaghae retract the allegations.

“Our client demands a full and unconditional written retraction of the false, wrongful and defamatory statements.

“All our client’s rights remain expressly reserved, but not limited to the right of reply on such components of the statement and such other meanings, imputations, innuendos and stings,” the lawyer wrote.

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Namibian Sun 2024-05-20

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Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 441.78/OZ UP +0.88% | Copper US$ 5.08/lb UP +0.47% | Zinc US$ 3 099.60/T UP 1.64% | Brent Crude Oil US$ 84.11/BBP UP +0.07% | Platinum US$ 1 082.31/OZ DOWN -0.0028 Sport results: Premier League: Sheffield United 0 vs 3 Tottenham Hotspur | Crystal Palace 5 vs 0 Aston Villa | Brentford 2 vs 4 Newcastle | Brighton 0 vs 2 Manchester United | Liverpool 2 vs 0 Wolves | Burnley 1 vs 2 Nottingham Forest | Luton Town 2 vs 4 Fulham | Manchester City 3 vs 1 West Ham | Arsenal 2 vs 1 Everton | Chelsea 2 vs 1 Bournemouth LaLiga: Barcelona 3 vs 0 Rayo Vallecano | Cadiz 0 vs 0 Las Palmas | Granada 1 vs 2 Celta Vigo | Mallorca 2 vs 2 Almería | Atletico Madrid 1 vs 4 Osasuna | Villarreal 4 vs 4 Real Madrid | Valencia 1 vs 3 Girona | Real Betis 0 vs 2 Real Sociedad | Athletic Club 2 vs 0 Sevilla | Deportivo Alaves 1 vs 0 Getafe SerieA: AS Roma 1 vs 0 Genoa | Inter Milan 1 vs 1 SS Lazio | Monza 0 vs 1 Frosinone | Udinese 1 vs 1 Empoli | Sassuolo 0 vs 2 Cagliari | Torino 3 vs 1 AC Milan | Lecce 0 vs 2 Atalanta | Fiorentina 2 vs 2 Napoli European Championships Qualifying: Southampton 3 vs 1 West Bromwich Albion English Championship: Southampton 3 vs 1 West Bromwich Albion Weather: Katima Mulilo: 11° | 30° Rundu: 10° | 30° Eenhana: 11° | 31° Oshakati: 13° | 30° Ruacana: 11° | 30° Tsumeb: 14° | 28° Otjiwarongo: 11° | 26° Omaruru: 14° | 29° Windhoek: 11° | 26° Gobabis: 12° | 26° Henties Bay: 20° | 35° Wind speed: 46km/h, Wind direction: NE, Low tide: 07:38, High tide: 14:01, Low Tide: 19:40, High tide: 02:00 Swakopmund: 19° | 27° Wind speed: 21km/h, Wind direction: SE, Low tide: 07:36, High tide: 13:59, Low Tide: 19:38, High tide: 02:00 Walvis Bay: 23° | 34° Wind speed: 23km/h, Wind direction: SE, Low tide: 07:36, High tide: 13:58, Low Tide: 19:38, High tide: 02:00 Rehoboth: 12° | 27° Mariental: 15° | 29° Keetmanshoop: 17° | 29° Aranos: 15° | 28° Lüderitz: 19° | 32° Ariamsvlei: 17° | 31° Oranjemund: 14° | 25° Luanda: 24° | 27° Gaborone: 14° | 27° Lubumbashi: 11° | 26° Mbabane: 11° | 23° Maseru: 8° | 25° Antananarivo: 10° | 19° Lilongwe: 13° | 27° Maputo: 18° | 26° Windhoek: 11° | 26° Cape Town: 14° | 19° Durban: 17° | 27° Johannesburg: 15° | 25° Dar es Salaam: 23° | 28° Lusaka: 14° | 25° Harare: 11° | 25° Economic Indicators: Currency: GBP to NAD 23.06 | EUR to NAD 19.77 | CNY to NAD 2.51 | USD to NAD 18.19 | DZD to NAD 0.13 | AOA to NAD 0.02 | BWP to NAD 1.3 | EGP to NAD 0.38 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.7 | ZWL to NAD 0.04 | BRL to NAD 3.55 | RUB to NAD 0.2 | INR to NAD 0.22 | USD to DZD 133.89 | USD to AOA 847.42 | USD to BWP 13.47 | USD to EGP 46.7 | USD to KES 130.48 | USD to NGN 1467 | USD to ZAR 18.18 | USD to ZMW 25.8 | USD to ZWL 321 | Stock Exchange: JSE All Share Index 79530.63 Up +0.03% | Namibian Stock Exchange (NSX) Overall Index 1754.58 Up +0.81% | Casablanca Stock Exchange (CSE) MASI 13426.13 Up +0.11% | Egyptian Exchange (EGX) 30 Index 26142.84 Up +3.27% | Botswana Stock Exchange (BSE) DCI 9151.06 Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 441.78/OZ UP +0.88% | Copper US$ 5.08/lb UP +0.47% | Zinc US$ 3 099.60/T UP 1.64% | Brent Crude Oil US$ 84.11/BBP UP +0.07% | Platinum US$ 1 082.31/OZ DOWN -0.0028