THE Agricultural Bank of Namibia (Agribank) says financial sustainability, service delivery and socio-economic transformation are at the centre of its operations.
This was said by board chairperson Josephat Mwatotele during the inauguration of the revamped Agribank Rundu branch on Wednesday.
In a statement issued by the bank’s public relations officer, Fillemon Nangonya, yesterday, Mwatotele said financial sustainability is required for Agribank to continue delivering on its agriculture development mandate.
“Agribank must stretch its limited resources in new and innovative ways; be prudent and transparent in the use of resources including cost management; grow its loan book and find new ways to grow its capital base,” Mwatotele said.
He emphasised that “clients must make timely loan repayments to the bank, as this is the only way we can make a wider and inclusive impact on agriculture and contribute to the development of our country”.
Mwatotele said the bank is reviewing its policies and streamlining internal processes to make it more responsive to customers’ needs.
“Creating a functional service centre, like this revamped Rundu office, facilitates better customer engagements and service delivery,” said Mwatotele.
Agribank is a national development finance institution for addressing key issues such as food security, poverty reduction and employment creation in the agricultural sector.
Agribank’s chief executive officer Raphael Karuaihe highlighted the bank’s role in the Kavango regions.
“The two Kavango regions are strategic growth centres for Agribank, and we are confident that the elevated office here will improve our service delivery in the regions, while creating opportunities for growth.”
Karuaihe provided an update on loan disbursements in the two regions the Rundu office serves, with 316 active clients with 494 loan facilities worth over N$154,7 million.
Kavango East has 305 clients with more than N$151 million in loans, while Kavango West has 11 clients with N$2,9 million, Karuaihe said.
Kavango East governor Bonifatius Wakudumo congratulated Agribank for helping to transform the agricultural sector.
“Over the past few months, we have noticed that the bank is gradually moving towards financial inclusion and I want to take this opportunity to applaud you for innovating products that address the needs of our citizens in the regions in particular, and of all Namibians in general,” said Wakudumo.
In line with the government’s emphasis on value addition and growth-at-home, the bank now offers financing for value addition activities in the agricultural sector.
According to the bank, the loans can be for purchasing farmland, production inputs, livestock, farming infrastructure, vehicles and equipment, biomass management, aquaculture, poultry, piggery, post-settlement support, as well as value addition through agro processing.
The bank also provides training and mentorship services to farmers through the agri-advisory services division, said the statement.
Email: matthew@namibian.com.na
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