Minister says negotiations ongoing with relevant authorities to establish Namibia Post Limited Bank

WINDHOEK: Information and Communication Technology Minister Joel Kaapanda says negotiations are ongoing with relevant authorities to establish a fully-fledged Namibia Post (NamPost) Limited Bank.

Kaapanda said this in Parliament yesterday whilst motivating his ministry’s N.dollars 566 million budget allocation for the 2014/15 financial year.

He said negotiations with the Ministry of Finance and consultations with the Bank of Namibia are underway to create a fully-fledged NamPost Bank.

This was in response to Deputy Defence Minister Peter Iilonga’s question whether Government could not establish a State bank linked with NamPost.

Kaapanda said the government has identified financial inclusion as an important objective and target.

Thus, NamPost has put in place mechanisms which will allow it to deploy postal infrastructure in such a way that it will increase its participation in ensuring access to affordable financial products.