SME Economic Recovery Loan Scheme Disburses N$462 Million - Issue #28☕

Good Morning. Welcome to your Wednesday edition. Here’s what you need to know to power through the day:

Featured Updates:

• Fraud Hits N$50.7 Million: Namibians lost N$50.7 million to fraud in 2024, up N$4.7 million from 2023. EFT scams led with N$29 million, card fraud hit N$19 million, says the Bank of Namibia. Stay sharp!

• SME Loans Near N$500 Million: The SME Economic Recovery Loan Scheme gave out N$462 million by end-2024—92.4% of its N$500 million pot—helping construction and accommodation businesses in Khomas, Oshana, and Omusati.

• GIPF Gains 13.2%: The Government Pension Fund’s investment returns jumped 13.2% to N$18 billion, with assets at N$167.16 billion. Big wins from stakes in MTC and banks!

• OpenAI’s Image Tool Goes Free: OpenAI’s new GPT-4o-powered image generator is now open to all users, not just paid ones. It’s a hit for creative stuff like Studio Ghibli art, backed by $40 billion in new funding.

• Google’s Gemini 2.5 Pro Opens Up: Google’s latest AI model, Gemini 2.5 Pro, is now free for all to try. It’s great at reasoning and analysis—perfect for midweek problem-solving!

Enjoy the read and have a blessed and productive rest of the week!

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BUSINESS & FINANCE

Namibians Lose N$50.7 million to Fraud in 2024: EFT Fraud Tops the List

Namibia recorded a staggering N$50.7 million loss to fraud in 2024, marking a N$4.7 million increase from the previous year. The Bank of Namibia’s (BoN) annual report highlights electronic fund transfer (EFT) fraud as the leading contributor, accounting for N$29 million of the total losses.

Key Fraud Trends:

1. EFT Fraud Dominates:

   • Fraudulent emails, text messages, phone calls, and websites continue to deceive individuals into divulging sensitive information like usernames and passwords.

   • EFT fraud remains the most prevalent form of attack, showcasing the need for heightened cybersecurity measures.

2. Card Fraud on the Rise:

   • Card fraud increased to N$19 million in 2024, primarily due to card-not-present scams on e-commerce platforms where transactions lack one-time password (OTP) authentication.

3. Decline in E-Money Fraud:

   • E-money fraud dropped significantly to N$2.7 million from N$11 million in 2023, thanks to enhanced wallet controls and consumer awareness campaigns.

AI and Cybersecurity Concerns:

BoN’s report warns about the risks posed by artificial intelligence (AI) tools, which can enable sophisticated cyberattacks. National Planning Commission Director-General Kaire Mbuende emphasized the need for ethical AI governance and robust cybersecurity standards to mitigate these risks.

Industry Response:

To combat rising fraud cases, the banking sector has implemented stronger monitoring systems, two-factor authentication protocols, and adherence to Payment Card Industry Data Security Standards (PCI DSS). These measures aim to protect cardholder data and prevent unauthorized transactions.

The Bottom Line:

As fraudsters employ increasingly advanced tactics, Namibians must remain vigilant while financial institutions strengthen their defenses. With ongoing regulatory efforts and public awareness campaigns, Namibia is taking steps toward safeguarding its financial systems against cyber threats.

Source: The Namibian

SME Economic Recovery Loan Scheme Disburses N$462 Million, Nears Full Allocation

The Small and Medium Enterprises (SME) Economic Recovery Loan Scheme has disbursed N$462 million by the end of 2024, representing 92.4% of the N$500 million allocated to support struggling businesses. The initiative, a collaboration between the Bank of Namibia (BoN) and the Ministry of Finance and Public Enterprises, aims to revive Namibia’s SME sector through targeted financial assistance.

Key Highlights:

• Sectoral Impact:
  The construction, accommodation, and business services sectors received the largest share of funding. Loans were distributed via four local commercial banks to qualifying SMEs.

• Geographical Focus:
  The Khomas, Oshana, and Omusati regions saw the highest concentration of loan recipients.

• Slower Activity in 2024:
  Compared to 2023, activity under the scheme slowed as some banks exhausted their allocations.

Broader Economic Implications:

The BoN emphasized that while the scheme targets SMEs specifically, recent repo rate reductions have benefited borrowers across the economy. Additionally, inflation control measures have positively impacted overall economic stability.

The Bottom Line:

With nearly all funds utilized, the SME Loan Scheme has played a critical role in supporting Namibia’s economic recovery. As SMEs continue to face challenges, this initiative highlights the importance of targeted financial interventions in fostering resilience and growth.

Source: The Brief

GIPF Sees 13.2% Jump in Investment Returns to N$18 Billion

The Government Institutions Pension Fund (GIPF) has reported a significant increase in its investment returns, rising by 13.2% to N$18 billion. This substantial growth reflects the fund's strategic investment strategies and robust asset management practices.

Key Highlights:

• Asset Growth: GIPF's total assets have grown to N$167.16 billion, underscoring its position as a major economic player in Namibia[5][6].

• Investment Strategy: GIPF focuses on a diversified portfolio, including listed investments in key sectors such as finance, renewable energy, and telecommunications. Notable holdings include stakes in MTC, First National Bank Namibia, and Capricorn Investment Group[3].

• Socio-Economic Impact: Beyond financial returns, GIPF's investments contribute significantly to Namibia's socio-economic development by supporting infrastructure projects, entrepreneurship, and job creation[1][4].

The Bottom Line:

GIPF's impressive investment returns highlight its success as a strategic investor in Namibia. By balancing financial performance with socio-economic objectives, GIPF plays a pivotal role in driving sustainable growth and development across the country.

Source: GIPF Namibia

TECH

OpenAI’s New Image Generator Now Available to All Users

OpenAI has rolled out its latest image generator, powered by the GPT-4o model, to all users, ending its exclusivity to ChatGPT’s paid subscribers. CEO Sam Altman announced the update in an X post, marking a significant expansion of the tool’s accessibility.

Key Highlights:

Universal Access

Previously limited to paying users, the image generator is now open to everyone, though free-tier limits remain unclear. Altman hinted last week at a cap of three images per day for non-paying users, a detail yet to be fully confirmed.

Funding and Growth

On Monday, OpenAI secured $40 billion in funding, led by SoftBank, at a staggering $300 billion valuation. The company also revealed ChatGPT’s user base has soared to 500 million weekly and 700 million monthly active users.

How’s It Performing?

• High Demand: Since its launch, the tool has seen explosive uptake, with Altman joking that the company’s GPUs were “melting” under the strain.

• Creative Uses: Users have flocked to it for tasks like transforming photos into Studio Ghibli-style art, sparking debates over copyright and the ethics of its training data. Others have generated fake receipts, like restaurant bills, prompting scrutiny.

• Safeguards: An OpenAI spokesperson told TechCrunch that all generated images carry metadata tagging them as ChatGPT creations, and the company enforces action against guideline violations.

Impact on Users and Industry:

Creative Boom

The tool’s broad release democratizes access to advanced AI image generation, fueling creativity from casual users to hobbyists. Its integration with GPT-4o promises sharper, more versatile outputs than ever before.

Ethical Questions

The Studio Ghibli mimicry and fake receipt trends highlight ongoing concerns about AI’s role in copyright and authenticity. OpenAI’s metadata tagging aims to mitigate misuse, but the debate over training data transparency lingers.

The Bottom Line:

While it’s igniting imaginations and some controversy its rollout underscores OpenAI’s push to dominate the AI landscape. For now, the GPUs may be overheating, but the company’s ambitions are just warming up.

Source: TechCrunch

Google’s new experimental AI model, Gemini 2.5 Pro, is now available to free users

Google has opened up its latest AI innovation, Gemini 2.5 Pro (experimental), to all users including those on the free tier following its debut for Gemini Advanced subscribers last week. Billed as the company’s “most intelligent AI model” yet, this release marks a step forward in accessible AI technology.

Key Highlights:

Broader Access

Initially launched for paying Gemini Advanced users, the experimental Gemini 2.5 Pro is now available to everyone via Google AI Studio and the Gemini app. Free users face tighter rate limits, while Advanced subscribers enjoy expanded access and a larger context window.

Advanced Capabilities

As the first of Google’s Gemini 2.5 “thinking” models, it excels in reasoning—analyzing data, drawing logical conclusions, and handling context with nuance. Google claims this delivers more accurate and informed outputs.

What’s on Offer?

• Free Tier: Non-paying users can now experiment with Gemini 2.5 Pro, though with restricted usage caps to manage demand.

• Advanced Perks: Subscribers get priority access, including a bigger context window for handling more complex queries.

• Availability: The model is live in Google AI Studio and the Gemini app, ready for testing by developers and casual users alike.

Impact on Users and AI Development:

Democratizing AI

By extending Gemini 2.5 Pro to free users, Google is lowering the barrier to cutting-edge AI, letting a wider audience explore its reasoning-driven capabilities.

Innovation Edge

Touted as a leap in intelligence, this model strengthens Google’s position in the AI race, offering a taste of its “thinking” tech while hinting at more to come from the Gemini 2.5 lineup.

The Bottom Line:

Google’s rollout of Gemini 2.5 Pro (experimental) to all users is a win for accessibility, even with free-tier limits. As the company flexes its most advanced AI yet, it’s clear the focus is on smarter, reasoning-based models giving everyone a chance to see what’s next in the Gemini evolution.

Source: Engadget

PERSONAL DEVELOPMENT

Wednesday: Conquer the Midweek! 

Wednesdays are a reminder that you’ve made it halfway through the week—an opportunity to reflect, refocus, and recharge.

- "Real courage is holding on to a still voice in your head that says, ‘I must keep going.’" – Cory Booker
Keep moving forward today, no matter how tough it gets.

The Bottom Line:

Wednesdays are not just "hump days" but opportunities to reset and refocus. Let these words of empowerment fuel your ambition and guide you toward success. You’ve got this!