Standard Bank to hand over 380 houses by July

Standard Bank Namibia – through the Buy-A-Brick – the initiative will handover 380 houses meant for none-income earners between June and July 2020, the bank’s chief executive officer Vetumbuavi Mungunda announced on Thursday.

When broken down per region there are 45 houses in Erongo, 25 Omusati, 85 Otjozondjupa, 20 Ohangwena, 20 Opuwo, 40 Oshana, 67 Zambezi, 14 Kavango West and 26 Hardap.

This represents 342 houses completed so far.

Mungunda made these revelations when he announced Standard Bank Namibia (SBN)’s financial results for the 2019 financial year.

The houses will cost of N.dollars 13.8 million.

“This money comes from funds that are mobilised and collected from the general public and our own contributions to the Buy-A-Brick initiative,” Mungunda said.

With a housing backlog of 110 000, and statistics showing that at least 900 000 Namibians live in shacks, Mungunda called on more people to make their contribution towards the initiative.

“[The beneficiaries] are not even low-income earners. I refer to them as none income part or group,” Mungunda pleaded.

The executive added that SBN is working on an initiative to come up with new ecosystem friendly building materials with the Massachusetts Institute of Technology (MIT) “which was borne out of the Buy-A-Brick and where some of flew to Boston were engaged with them and we are looking at a technology using mushrooms combined with bush to come up with a building material that will be as strong as a bring.”

He added: “The MIT professors have already been here for two times. The site is up and running and we are waiting to see what the outcome would be.”

On the downside, however, the outbreak of the coronavirus could stall their research as it may disturb the already scheduled travels of MIT experts to Namibia, Mungunda noted.

“By the end of June or July, we should have put a structure [made from a combination of mushrooms and bushes] in place in Namibia. We believe that this can revolutionise the whole building sector in Namibia and also building material that we have in Namibia,” an optimistic Mungunda said.

During the period under review, the introduced 58 new workstreams, processed 382 redesigns, 177 processes, redesigned 20 structures and implemented eight news structures.

This was all in the bank’s quest of continuous cultural improvement.

More so, following the bank’s listing on the Namibia Stock Exchange, it received 12 524 applications for 160 655 728 shares with a total value of N.dollars 1.4 billion.

Consequently, SBN raised 722 million from 81.1 million shares.

The bank is expected to payout dividends to its shareholders in May.

All in all, SBN made N.dollars 613 million in profits during the period under review, this is N.dollars 61 million more than what it garnered in the preceding FY.

Source: Namibia Press Agency