DBN bemoans low off-take of loans in Zambezi

Spokesperson of the Development Bank of Namibia (DBN), Jerome Mutumba, says there is a low off-take of DBN loans in the Zambezi region compared to other parts of the country, thereby increasing poverty levels in the process.

Mutumba made the remarks at a wide-ranging interview with different media outlets at a local school at Katima Mulilo recently, where a pledge of N$100 000 was made by DBN.

He said last year, DBN financed business loans worth N$1.5 million for the Zambezi region alone.

He stressed that the low off-take has increased the poverty levels in the region, with many people lacking the spirit of entrepreneurship compared to others regions.

He said poverty levels can partially be addressed through cultivating a culture of entrepreneurship in the region, adding that there are youth entrepreneurship programmes that the DBN offers that require no security and collateral.

“We have lowered the standard of accessing finance. Aside from money, the bank offers coaching and mentoring to young entrepreneurs with business ideas but who do not have the skills to run the business. The bank can put you through a programme to capacitate you to develop the necessary skills to run the business,” he stated.

Mutumba appealed to the citizenry to take advantage of the various products DBN offers.

“We want to see an uptake of business people’s applications coming from all parts of the country, specifically the Zambezi region. Through that we can work together to create opportunities that improve the quality of the lives of our citizens,” he said.

He urged the citizenry to be organised and always work with institutions like the Namibia Chamber of Commerce and Industry.

Mutumba also disclosed that the low off-take of DBN loans in the Zambezi region has compelled his organisation to supplement it with a meaningful social corporate responsibility in education.

Two years ago in the region, DBN assisted with a N$500 000 to build classrooms at Maunga Primary School and N$1 million to address the needs of the Cheshire Home as well as a recent donation of N$100 000 to Caprivi Senior Secondary School to help the school with its hostel bedding needs.

“Through all these, we are enhancing our visibility and leaving our mark,” he said.