BBLNN calls on Gvt to review Banking act

• By Confidente Reporter

BLACK Business Leadership Network of Namibia (BBLNN) Chief Executive and Chairman, Eliphas Simon has called on government to review the country Banking Act and abolish ‘Apartheid era laws which are hurting black business.

Simon’s sentiments were echoed by BBLNN president, Ireen Simeon-Kurtz who said the association was pleased with President Hage Geingob’s latest stance on the issue of Property Repositions and the proposal on business rescue initiative by Minister of Finance Ipumbu Shiimi.

“As previously disadvantaged owners, we are relieved by this notion by the President and we are pleased to note that he is truly listening to his people. This is a victory for all black businesses, the black middle class whose business are under threat under the current apartheid policies which are not yet abolished, the unemployed youth and the people of Namibia who have no land, the aspiring and emerging entrepreneur, the kapana seller, the spaza shop owner, the men and women on the street who sell their produce and items on the corner of the street and all those who earn little salaries in this independent Namibia,” Simeon-Kurts said.

She also questioned the reason behind the repossession of property by banks, despite the Bank of Namibia (BoN) calling for caution on defaulters.

“Despite BoN giving a directive, banks are still repossessing and auctioning properties without taking the instruction from the Bank of Namibia into consideration. Various small and medium enterprises, businesses and entrepreneurs are suffering and are now reduced to mere traders,” she said.

Simon said there was a need for the financial sector to be lenient and desist from closing down businesses and repossessing properties from defaulters.

“The aim is to uplift previously disadvantaged Namibians who have the vision and ability to engage in business to change oppressive outdated public and private financial policies that are not cognisant of the ever-changing local and global financial and economic dynamics and trends, as well as oppressive policies,” Simon said.

He said there was a need to mobilise and sensitise black entrepreneurs to play an active and meaningful role in the economy.

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“In order to help fight for the dignity of the current entrepreneurs, who are at times treated with hostility, arrogance, brutality, torment, torture, unfairness, and humiliation. We need to deal with unreasonable foreclosures and the repossession of properties as if we are not Africans who had always been guided by the spirit of ubuntu,” he said.

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