Lockdowns knock MVA Fund
Lockdowns knock MVA Fund

Lockdowns knock MVA Fund

There was very limited movement of vehicles and economic activities slowed down or in some industries came to a standstill.
Ellanie Smit
ELLANIE SMIT

WINDHOEK



The Motor Vehicle Accident (MVA) Fund has seen a decline of about N$60 million in its fuel levy income during the first five months of this year in comparison to last year.

This is a direct result of the lockdowns due to the coronavirus pandemic and less movement of vehicles on roads.

According to acting CEO Lucas Ndjamba, car accidents decreased by 24% from January to September this year compared to the same period last year, while injuries declined by 26% and fatalities by 33%. He further said the key income stream for the fund is the fuel levy.

This is determined by the amount of fuel road users buy in a particular month.



Significant impact

“With the lockdowns that were introduced, there was very limited movement of vehicles and economic activities slowed down or in some industries came to a standstill.”

Ndjamba said this significantly impacted the fund.

“If we look at the fuel levy revenue income from 1 April up to August this year compared to the same period last year, it declined by 26%.

“This is a significant number. We are talking of about N$60 million that it has reduced with.”

He explained that the fund will only feel the impact of the reduction in accidents much later in the year and on a very small scale.

“The impact will depend on the nature of injuries that have occurred,” he said.



Not all doom and gloom

Ndjamba, however, said it's not all doom and gloom as quite a number of the fund's activities were suspended.

“These activities attract costs and the fund has therefore saved money.

In addition to this, due to the lockdowns, there was also limited movement for the fund, which resulted in further savings in fleet movements.

“We suspended all activities that required public gatherings, such as public education activities, while both hospital and home visits were also suspended,” Ndjamba added.

He, however, stressed that the fund ensured that clients were not neglected and that it continued with telephonic follow-ups.

One of the biggest areas that was impacted was customer service, Ndjamba said, specifically relating to benefit claims.

“We ensured limited interface with claimants and had a mobile office set-up at the head office and all other service centres where only one person was handling claimants.”

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Namibian Sun 2024-03-28

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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$ 2 207.29/OZ UP +0.76% | Copper US$ 3.97/lb DOWN -0.0042 | Zinc US$ 2 447.40/T DOWN -0.37% | Brent Crude Oil US$ 86.98/BBP UP +0.68% | Platinum US$ 905.24/OZ UP +1.16% Sport results: Weather: Katima Mulilo: 19° | 37° Rundu: 17° | 33° Eenhana: 18° | 33° Oshakati: 20° | 31° Ruacana: 19° | 33° Tsumeb: 17° | 29° Otjiwarongo: 16° | 28° Omaruru: 18° | 31° Windhoek: 17° | 28° Gobabis: 17° | 28° Henties Bay: 16° | 19° Wind speed: 24km/h, Wind direction: S, Low tide: 10:54, High tide: 04:57, Low Tide: 22:58, High tide: 17:16 Swakopmund: 15° | 17° Wind speed: 29km/h, Wind direction: SW, Low tide: 10:52, High tide: 04:55, Low Tide: 22:56, High tide: 17:14 Walvis Bay: 16° | 22° Wind speed: 33km/h, Wind direction: SW, Low tide: 10:52, High tide: 04:54, Low Tide: 22:56, High tide: 17:13 Rehoboth: 18° | 29° Mariental: 22° | 32° Keetmanshoop: 21° | 34° Aranos: 21° | 31° Lüderitz: 15° | 29° Ariamsvlei: 23° | 34° Oranjemund: 15° | 21° Luanda: 27° | 30° Gaborone: 20° | 32° Lubumbashi: 17° | 24° Mbabane: 15° | 23° Maseru: 12° | 28° Antananarivo: 16° | 27° Lilongwe: 17° | 29° Maputo: 20° | 28° Windhoek: 17° | 28° Cape Town: 17° | 23° Durban: 21° | 25° Johannesburg: 18° | 28° Dar es Salaam: 26° | 32° Lusaka: 18° | 30° Harare: 15° | 31° Economic Indicators: Currency: GBP to NAD 23.95 | EUR to NAD 20.51 | CNY to NAD 2.63 | USD to NAD 18.99 | DZD to NAD 0.14 | AOA to NAD 0.02 | BWP to NAD 1.33 | EGP to NAD 0.39 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.74 | ZWL to NAD 0.04 | BRL to NAD 3.8 | RUB to NAD 0.2 | INR to NAD 0.23 | USD to DZD 134.27 | USD to AOA 832.63 | USD to BWP 13.71 | USD to EGP 47.35 | USD to KES 130.98 | USD to NGN 1415.13 | USD to ZAR 18.99 | USD to ZMW 24.77 | USD to ZWL 321 | Stock Exchange: JSE All Share Index 73909.5 Up +0.41% | Namibian Stock Exchange (NSX) Overall Index 1516.02 Down -0.13% | Casablanca Stock Exchange (CSE) MASI 12981.98 Up +0.34% | Egyptian Exchange (EGX) 30 Index 28224.37 Down -2.87% | Botswana Stock Exchange (BSE) DCI 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$ 2 207.29/OZ UP +0.76% | Copper US$ 3.97/lb DOWN -0.0042 | Zinc US$ 2 447.40/T DOWN -0.37% | Brent Crude Oil US$ 86.98/BBP UP +0.68% | Platinum US$ 905.24/OZ UP +1.16%