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Deposit insurance doubled as most Namibians hold under N$50 000 in savings
Published 8 months, 3 weeks ago
Description
As rising living costs continue to strain households, new figures show most Namibians have N$50 000 or less in their bank accounts. Meanwhile the Namibia Deposit Guarantee Scheme has doubled its insurance coverage from N$25 000 to N$50 000 to boost confidence and protect over 90% of depositors in the event of a bank failure.
Speaking on Desert FM, Petrus Shifotoka from the Namibia Deposit Guarantee Authority explains what the change means for ordinary citizens and how secure their money really is.