AR building society still in its infancy

Ogone Tlhage - The Affirmative Repositioning movement (AR) is yet to submit its plans for a building society to the Bank of Namibia.

AR says its plan to establish a building society is motivated by escalating house prices and a lack of asset financing for the youth.

The central bank has confirmed meeting with AR but said no formal submission on the registration of a building society had been made yet.

“The Bank of Namibia has not received a formal application by AR for the registration of a building society, although consultation sessions have taken place related to the establishment thereof,” central bank spokesperson Kazembire Zemburuka said when asked to provide an update.

AR’s Dimbulukweni Nauyoma told Market Watch that a task team was working around the clock to ensure the building society would be established before the end of the year.

“There is a task team who are looking at aspects to bring the society to light. We are working around the clock to ensure that there is a building society at least by the end of the year. We are at advanced stage. Sometime this year we will be fully compliant,” Nauyoma said.

According to Zemburuka, the registration process could take three to six months.

The requirements for registering a building society are outlined in section 4 of the amended Building Societies Act of 1986.

AR’s Job Amupanda announced the planned building society in May this year, ahead of a “generational assembly” the AR had planned.

“We are already in the position of establishing a building society. We have already written letters to the Bank of Namibia and they have written back to us. The outline for the establishment of a building society has been given us to by the Bank of Namibia. We are just waiting for the assembly to sort out the nitty-gritties. We do not need the permission of anyone, it is provided by the law,” Amupanda said.