Namibia, as a developing nation, has 97 percent of its local financial institutions and insurance companies being foreign owned, an official says.
Kabbe Constituency Councillor, John Likando, argued recently that 97 percent of financial and insurance institutions are not Namibian companies, but rather foreign companies that do not exist in the interest and aspiration of the Namibian people.
He said these foreign companies rather tape the existing opportunities in the financial sector with a capitalistic and monopoly approach.
Likando also claimed the corporate social responsivity of foreign financial institutions is hardly felt locally, compared to what they offer in the country of origin.
He said in Namibia, these companies need to be approached for them to assist in any field or sectors that requires help - unlike in their country of origin, where they instead ask their governments and communities on sectors that need financial support.
The councillor made the remarks during discussions regarding the Namibia Deposit Guarantee Authority Bill in the National Council.
The bill comes with an opportunity for the black majority community to create a bank that is wholly owned and created by Namibians, based on Article 98 of the Namibian Constitution.