Empowering Namibian MSMEs☕ - Issue #9

Business

Namibia's MSMEs Poised for Success with Innovative High Potential Pool Initiative and Strategic Banking Partnership

Buckle up, Namibian entrepreneurs, because the Namibia Investment Promotion and Development Board (NIPDB) is rolling out a game-changing initiative: the "Know2Grow (K2G) High Potential Pool." With a bold vision in mind, they're gearing up to empower a staggering 3,000 micro, small, and medium enterprises (MSMEs) by the close of this year. Talk about aiming high!

Leading this charge is none other than Dino Ballotti, the NIPDB's Executive Director for MSME Development, Innovation, and Acceleration. Imagine him as the conductor of Namibia's entrepreneurial orchestra, harmonizing a symphony of growth.

Within this ambitious initiative, a diverse array of approximately 60 MSMEs is taking center stage, representing sectors ranging from cosmetics to culinary arts. This isn't your run-of-the-mill show; it's a carefully curated ensemble of business talent ready to serenade economic growth.

What's more, some of these shining stars have already had their moments in the international spotlight. Over 20 export-ready MSMEs flaunted their potential at prestigious events like the Annual Investment Meeting in Abu Dhabi and the Africa's Big 7 exhibition in Johannesburg. Think of it as an overseas business escapade!

But that's not the finale. A handpicked group of a dozen MSMEs is primed to strut their stuff at the Intra-Africa Trade Fair’s Creative Africa Nexus event in Cairo come November. It's a bit like a "business prom," and these MSMEs are the belle of the ball.

In a strategic twist, Nedbank Namibia has stepped into the spotlight as well. Their Head of Small and Medium Enterprises (SMEs), Sam Ikela, is giving a nod to nurturing SMEs by pledging a substantial N$100,000 sponsorship to the High Potential Pool. It's akin to a seasoned producer investing in a promising show.

The High Potential Pool isn't just a fleeting affair; it's a comprehensive package of opportunities spanning 36 months. Imagine a business buffet offering international networking, trade missions (think: global business reconnaissance), mentorship, and more.

Mark your calendars for the eagerly anticipated ceremony on August 10, 2023. It's the culmination of a partnership that isn't just about MSMEs; it's a dynamic collaboration set to script a growth narrative for Namibia's economy. As the curtain rises on this innovative chapter, the Know2Grow initiative and Nedbank Namibia's strategic partnership stand as pillars of progress, and the applause is just beginning.

CREDIT: The Brief

Nedbank Is Considering Localising Ownership

Nedbank Group is actively exploring strategies to increase local ownership of its operations as part of efforts to enhance inclusivity and comply with financial sector charters across its operating countries, including Namibia.

The potential strategies being considered include public offerings, listings, and partnerships with local entities.

Terence Sibiya, the Managing Executive of Nedbank Africa Group, mentioned that discussions are ongoing and no final decisions have been made. However, he emphasized the company's commitment to meeting legislative requirements and contributing positively to the communities they serve.

Nedbank's move aligns with the Namibian Financial Sector Charter, introduced in 2008, which aims to promote empowerment and benefits for Namibians within the financial industry.

The Bank of Namibia supports measures to decrease foreign ownership in local commercial banks, as they believe that decision-making authority should remain within the country.

South African banks currently dominate Namibia's banking sector, and the proposed changes could shift decision-making power to local institutions.

Nedbank's efforts to increase local ownership reflect a broader trend in the financial sector towards fostering local involvement and complying with regulations aimed at empowering local communities.

CREDIT: The Brief

Namibia Is Exploring The Middle Eastern Meat Market

Namibia is seeking Middle East markets for its top-notch beef from Lusu in the Zambezi region. The Ministry of Agriculture aims to score big with UAE and Qatar. They're getting serious about halal certification, making the meat Muslim-friendly.

But, here's the twist: Namibia doesn't have its own halal-certifying body recognized by the Gulf countries. They might borrow South Africa's for now, but they're thinking long-term – planning to create their own. Until then, it's like borrowing a neighbour’s lawnmower!

And guess what? This move is a beefy deal for Namibia's economy. Meatco's abattoir in Windhoek is seeing more cattle, which means more zak(N$) – N$107 million and N$190 million in May and June. It's raining cats and cows!

So, Namibian beef might just become the star of Middle Eastern plates, and as they say, "When life gives you lemons, trade them for steaks!"

CREDIT: The Namibian

Technology

Telecom Namibia Enhances Otjiwarongo’s Mobile Broadband Speeds

Telecom Namibia completed a project aimed at boosting mobile broadband speeds in Otjiwarongo. The company invested in upgrading mobile and fixed infrastructure to strengthen network capacity and provide an improved customer experience. By employing 4.5G technology, the network now offers faster internet speeds and expanded coverage. This initiative covered key areas like Otjiwarongo CBD, Otjiberg, Okarundu School, and Otjiwarongo Hospital. Furthermore, the addition of three new mobile base stations extended coverage to Orwetoweni and Otjiwarongo Ext 1. This effort is aligned with Telecom Namibia's digital transformation strategy to meet evolving connectivity needs and support various applications. The company plans to replicate similar projects nationwide to bridge ICT access gaps and ensure regulatory compliance.

CREDIT: The Economist Namibia

Apple Music Launched a Discovery Station To Help You Find New Songs

Apple Music has quietly introduced a new feature called the Discovery Station. This station digs into your listening habits to serve up fresh tunes you haven't added to your collection or heard before. It's like the musical equivalent of finding money in your pocket you didn't know was there. To access it, head to "Listen Now" and look below "Stations for You." It's Apple's answer to Spotify's "Discover Weekly." So, if you're tired of your playlist, let Discovery Station surprise you – it might just find your musical soulmate!

CREDIT: The Verge

WeWork's Perilous Plunge

In the captivating drama of business survival, WeWork has emerged as the ultimate limping gazelle. This isn't its first close call; it's dodged the jaws of financial doom twice before in 2019 and 2021. But this time, the stakes seem higher, the predators hungrier.

Picture this: WeWork's stock, once lofty, has nosedived so drastically that even a parking meter would chuckle at its worth—just a measly 18 cents. How did we wind up here?

WeWork's founder, Adam Neumann, led a charge of unchecked expansion, chasing the dream of a sprawling empire that ranged from schools to Martian colonies. But wait, did anyone remember to tend to the core business? Oops.

Even before COVID-19 entered the scene, WeWork was already gasping for breath. It wildly splurged on prime real estate worldwide, renovating and sprucing up spaces to woo the masses. Alas, the masses didn't quite materialize, leaving a trail of $15 billion in losses since 2017's swan song. A company once valued at US$47 billion (approx. N$ 875 billion) is now barely catching a breath at $274 million.

Could a savior emerge? The hunt is on for a new CEO, someone who can lead WeWork out of this financial safari. The last one fled the scene in May, accompanied by three wise board members.

But here's the twist: even customers are fleeing faster than anticipated, as reported by The Wall Street Journal. WeWork is like the wounded creature with nowhere to hide—lions are circling, and the impending showdown promises a ghastly spectacle. We can't look away, even if we wanted to.

In the concrete jungle of corporate warfare, WeWork's survival dance is far from over. Will it emerge from this life-and-death tango as a phoenix or a cautionary tale? Only time will reveal the ending of this gripping saga.

WeWork is a company offering shared workspace solutions to individuals and businesses. It leases office spaces, emphasizing flexibility and community.

Personal Development

​"You're more likely to unlock a big leap in performance by trying differently than by trying harder. You might be able to work 10% harder, but a different approach might work 10x better. Remain focused on the core problem, but explore a new line of attack. Persistence is not just about effort, but also strategy. Don't merely try harder, try differently." - James Clear