Namfisa pays N$1m monthly rent
The regulator is bonded to a five-year contract worth nearly N$100 million in rental fees, with no funds secured yet to fund the construction of its own office.
STAFF REPORTER
WINDHOEK
Namibia’s financial regulator is currently forking out millions for office rental space from private property owners, paying N$1.02 million in monthly rent.
According to its latest annual report, the Namibia Financial Institutions Supervisory Authority’s (Namfisa) staff complement, including contract staff, stood at 172 on 31 March 2020.
In 2019, the Central Procurement Board of Namibia awarded a rental tender to Keyplot Investments to provide office space to Namfisa until 2024, with an option to extend for another two years.
The rental amount is subject to an annual increase of 6% as well as an escalation rate of 13% on operational costs yearly. By the time the rental agreement lapses, Namfisa would have paid about N$100 million.
Keyplot and Sannib Investments were the only bidders, with the latter losing out after failing to submit mandatory documents such as a Social Security good standing certificate, Affirmative Compliance Certificate and a letter of intent indicating proof of access to credit lines.
Land purchased
Namfisa spokesperson Vicky Muranda last week said the regulator has already purchased land in Windhoek on which it plans to construct an office building for own use.
“Namfisa will attempt to obtain funding for this project, following which construction will commence. This process will, however, take some time to complete, during which time Namfisa needs to make use of rented office space to house its operations,” she said.
The financial regulator previously rented office space at the Sanlam Centre and Alexander Forbes house.
Asked why the authority opted to rent office space for over N$1 million monthly and why there was a need to move from their previous landlords, Muranda said: “Let me also stress the benefits of renting one office as opposed to the previous rental arrangement under which Namfisa operations were housed in two office buildings which was separated by a major street in the CBD”.
She said staff are now housed in one office building, making it easier for staff engagements and service delivery to customers as well as improved relationships with customers and stakeholders.
She also listed “improved safety of Namfisa staff” as a benefit, adding “it is safer for staff not to cross the busy road in the CBD on a daily basis between the two buildings that were occupied”.
Furthermore, documents containing confidential information no longer need to be continuously moved between two different sites, she said.
WINDHOEK
Namibia’s financial regulator is currently forking out millions for office rental space from private property owners, paying N$1.02 million in monthly rent.
According to its latest annual report, the Namibia Financial Institutions Supervisory Authority’s (Namfisa) staff complement, including contract staff, stood at 172 on 31 March 2020.
In 2019, the Central Procurement Board of Namibia awarded a rental tender to Keyplot Investments to provide office space to Namfisa until 2024, with an option to extend for another two years.
The rental amount is subject to an annual increase of 6% as well as an escalation rate of 13% on operational costs yearly. By the time the rental agreement lapses, Namfisa would have paid about N$100 million.
Keyplot and Sannib Investments were the only bidders, with the latter losing out after failing to submit mandatory documents such as a Social Security good standing certificate, Affirmative Compliance Certificate and a letter of intent indicating proof of access to credit lines.
Land purchased
Namfisa spokesperson Vicky Muranda last week said the regulator has already purchased land in Windhoek on which it plans to construct an office building for own use.
“Namfisa will attempt to obtain funding for this project, following which construction will commence. This process will, however, take some time to complete, during which time Namfisa needs to make use of rented office space to house its operations,” she said.
The financial regulator previously rented office space at the Sanlam Centre and Alexander Forbes house.
Asked why the authority opted to rent office space for over N$1 million monthly and why there was a need to move from their previous landlords, Muranda said: “Let me also stress the benefits of renting one office as opposed to the previous rental arrangement under which Namfisa operations were housed in two office buildings which was separated by a major street in the CBD”.
She said staff are now housed in one office building, making it easier for staff engagements and service delivery to customers as well as improved relationships with customers and stakeholders.
She also listed “improved safety of Namfisa staff” as a benefit, adding “it is safer for staff not to cross the busy road in the CBD on a daily basis between the two buildings that were occupied”.
Furthermore, documents containing confidential information no longer need to be continuously moved between two different sites, she said.
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