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Door-to-Door Service Provider Seeks Banking Partnership

Rhapsody Investments, a leading door-to-door service provider in Namibia, has opened a business account with Bank Windhoek to facilitate its operations. The company, which specializes in providing supply chain solutions to clients, is seeking a cost-effective cash handling fee rate and lower commission rate to reduce operating costs.

Operations

According to Rhapsody Investments’ management, the company sources USD from Bank Windhoek at high frequency to assist its clients in purchasing goods at the Oshikango Border. Most of the shops at the border accept USD as payment, making it easier for clients to do business with them.

Competition and Competitive Advantage

However, the company is facing stiff competition in the market and is seeking a competitive advantage by having readily available USD to offer to its clients. This will enable Rhapsody Investments to provide a full-service solution to its customers, creating a win-win situation for both the company and Bank Windhoek.

Dispute and Court Case

In a recent statement, First Respondent, who is also the director of Rhapsody Investments, said that the company’s core business is not dealing with foreign currencies, but rather providing a competitive advantage by offering a full-service solution to its clients. He added that the company has a transparent relationship with Bank Windhoek and has been assured that there was nothing wrong with their operations.

However, Appellant, who is seeking to forfeit Rhapsody Investments’ properties, disputes this claim. In an affidavit filed in court, she alleges that Rhapsody Investments is not authorized to deal in foreign exchange and that the company’s actions are illegal.

Update

In response to the allegations made by Appellant, Rhapsody Investments has provided further information about its operations. According to the company’s management, they source USD from Bank Windhoek at high frequency to assist their clients in purchasing goods at the Oshikango Border. The company also provides a full-service solution to its customers, including organizing shipments and providing payment services.

Rhapsody Investments has also provided evidence of its transactions with Bank Windhoek, which shows that they have been operating legally and transparently. The company is seeking a cost-effective cash handling fee rate and lower commission rate from Bank Windhoek to reduce operating costs and remain competitive in the market.

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