PART 2: Evening Panel Discussion Session

Question 7: Given the current economic terms, how do you save if the cost of living keeps increasing and your income earned remains static?

Answer: Given the current Namibian economic situation, it is quite difficult is save as one is battling with inflation and buying power Thus, during these uncertain times, youth are advised to explore investing be it in money market instruments that are accessible should you require the funds for emergencies, cheaper stocks, and so forth compared to savings This is because when investing the money grows as time goes by compared to savings where the money remains the same and this allows your investment to counter inflation.

Question 8: Which institutions should a young entrepreneur start a business (SME) approach for financial support backing if I do not suffice the lending requirements required by lenders?

Answer: Although banks and financial institutions would like to provide financial assistance to SMEs, they are also businesses that would like to mitigate the risks and would, unfortunately, favors someone that is that has a low probability of default for them to remain sustainable SMEs can start scouting for comparable individuals to collaborate with and engage in crowdfunding and leverage each other’s expertise

Question 9: What is the difference between a pyramid scheme and a stokvel?

Answer: A pyramid scheme is an arrangement where a person at the top of the pyramid stands a high chance of benefiting while the one at the bottom stands a high chance of losing There is always someone that will be unfortunate and lose their money with no benefits Pyramid schemes are illegal in Namibia! Stokvel is a legal act, where a group of people comes together and decides to put money together; all benefiting the same way The returns are equal for everyone; thus, everyone is a winner Young people are advised to engage in stokvel and not fall victim to pyramid schemes that are illegal and risky

Question 10: NAMFISA is currently soliciting or consulting the public on the newly drafted Consumer Credit Act. How can

Answer: Namibians contribute or give their opinion on the drafted Consumer Credit Act?

The public can give their input by contacting NAMFISA or attending public forums that NAMFISA is hosting to solicit the public’s opinion and contributions Visit NAMFISA’s office or contact their office to confirm the dates of the next public forums on the Consumer Credit Act