Open another SME bank - Namwandi
17 November 2020 | Local News
THE chairperson of the International University of Management (IUM) David Namwandi last Saturday said Namibian business people should partner up and form corporative and commercial banks.
Namwandi was speaking at the official opening of Chicco Mall, owned by businessman Erastus ‘Chicco’ Shapumba, in Ongwediva.
The mall, which was built for N$140 million, has been in operation since last year.
Namwandi said business people should not be discouraged by the failed SME bank but forge on and start another bank as it might work out.
“Just because something failed it doesn’t mean it will not work. Why not put hands together and industrialise our country? I urge our businessmen and -women to therefore emulate other nations of the world and form joint ventures aimed at increasing sales volume and eventually profit after tax for the shareholders,” he said.
‘Think out of the box’
Namwandi said Namibians should think out of the box and note that an expansion of shopping malls in the country is a plus to foreign exporters.
“It indirectly grows their market and eventually creates employment for their people. Imagine if we had massive manufacturing industries. This could have been a plus to our economy as it would have created a positive balance of payment,” he said.
“Pride must be put aside and give service to the people for the benefit of this nation. Namibians, let us learn to support each other. Let us work together and form join ventures. Namibia is all we have, so let’s build it because no one will do it for us.”
Make trading easy
Speaking at the same occasion, Shapumba encouraged local authorities to make trading easy for business people.
He said local authorities should help business people to build. He used the Ongwediva town council as an example, saying he built the mall with no assistance.
He said the town promised to build 300 houses at Omatando area for those who would be using the services the mall offers.
Shapumba also used the platform to denounce practices by local authorities of giving too many plots to developers, saying it hampers service delivery when the developer is unable to develop the plots.
Regarding the 300 homes, council spokesperson Jackson Muma said they have started the process of compensating landowners at Omatando. Valuators from the land reform ministry have so far identified 34 traditional landowners who will be compensated, he added.