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........................................................................................Mr Erastus Hoveka, NedBank's MD
Hoveka's Vision for NedBank
On April 01, 2007, Mr Erastus Hoveka joined NEDBANK in the position of Deputy Managing Director. He is one of the very few black Namibians to be in the leadership of the bank that has been previously known as exclusively white and elitist. He has now ascended to a position of substantive Managing Director. The African Magazine (TA) chatted with him

TA: Who is Hoveka?
Hoveka: I like to describe myself as a self-made man. I was born in Windhoek, grew up and went to school in the city. My parents hail from Epukiro but I am a cosmopolitan man. I make my own informed decisions and I am comfortable with the character description of being an achiever. As for my education, I started off at Theo Katjimune Primary School and then went to a boarding school called Good Hope in Epukiro, where I spent a few years before coming back to Shifidi Secondary School where I matriculated some decades ago

TA: What skills do you bring to Nedbank?
Hoveka: I’m trained as a Certified Accountant in the United States of America (USA) and have since then been occupying senior financial management positions within the country and overseas. I have a good feel and/ or great passion for finance and accounting. The process of obtaining an MBA degree equally equipped me with the necessary background in General Management. In order to invest practical and theoretical know-how back into the youth, I decided to lecture Business Management at the Polytechnic for a number of years. This is mainly motivated by the eagerness and passion for transferring skills and knowledge to younger people. For me, it is young people we have to concentrate on.
We need to mentor and motivate them to excel or unleash their potential in life. I have been lucky to go and explore and experience different countries which many people can only imagine and now it is my time to plough back to the Namibian nation.

TA: What makes you tick?
Hoveka: Good challenge. I perform well, mostly when challenged with difficult things. Undoubtedly, I am also passionate about initiatives that add value to society.

TA: What inspires you?
Hoveka: I have an incredible fear of failure. I always want to succeed. My ultimate goals with everything I do or move I make, is to win “in style”. I want to win everyday. Winning and getting the job done effectively and efficiently is at the center of my inspiration.

TA: What is your mandate in your current position?
Hoveka: My mandate is two fold: I was hired to assist the bank with its growth strategy. Secondly, ensure that the bank progresses with its process of localisation.

TA: How does your current job differ from other jobs you have held in the past?
Hoveka: My previous positions with various employers could be more defined as that of a Financial Specialist. The job I hold now as the Managing Director of Nedbank, is a general management position. It is strategic in nature and most pertinently, my general responsibility does not confine me to financial matters only.

TA: How does your position assist the nation in redressing the current economic imbalances?
Hoveka: The bank is fully committed to the objectives of the Financial Services Charter and the implementation of several initiatives that are already underway As a local bank with local knowledge, I will assist the bank in aligning its strategies with the government agenda, aspirations and ambitions in terms of redressing economic imbalances. As a case in point, Nedbank has opened an ATM at Okongo. This is the first time an ATM has been installed in such a remote area, in the middle of nowhere by a bank in the country. Concurrently, the bank shall continuously adopt and comply with corporate governance instruments and good corporate citizenship.

TA: What is the position of Nedbank towards the Black Economic Empowerment (BEE) policy in Namibia?
Hoveka: Towards the end of 2006 as part of the Old Mutual Group, we concluded the most comprehensive BEE transaction approach towards addressing BEE in the country. About two hundred and fifty thousand Namibians are expected to benefit from this initiative.. We are committed to this economic imperative by Old Mutual in which we are members.

TA: What can you say about the escalating interest rates which are suffocating many mortgage owners in Namibia?
Hoveka: (Laughing) … that is a question for Tom Alweendo of the Central Bank of Namibia.
It is true that the rates have risen dramatically of late and they will continue to rise in future. It is worrisome for us as a Bank because higher interest rate environments could cut credit extension and exacerbate credit losses. We are worried about this. Some of these raises are triggered by external events such as the price of oil and geopolitical tensions in other parts of the world. We will continue to monitor the events and adjust our strategies accordingly.
Erastus Hoveka brings to the bank a vast range of experience in Finance. He also has a strong academic background in this field in which he holds, among others, a Bachelor’s degree in Accounting (Cumlaude), Masters in Business Administration degree (Distinction), and he’s a Certified Public Accountant (CPA).

www.nedbank.com.na