Agribank is arguably one of the most compliant
public enterprise with an extremely well governed structure. This is the view
of the Minister of Public Enterprises, Leon Jooste, who indicated that the
quality of governance directly translates into credible performance of Agribank
over the past few years. Jooste however cautioned the Bank not to compromise
its viability, as it has a strong developmental mandate. The minister was
speaking at the Bank’s first ever virtual Annual General Meeting (AGM) in
Windhoek today.
Speaking at the same occasion, Finance Minister
Ipumbu Shiimi, commended the Agribank Board and Management for making the Bank
vibrant, stronger and dynamic over the past few years. The finance minister
intimated that the Bank has done “extremely well” despite a difficult operating
environment to show positive trends in interest income, collections and expense
management”.Shiimi also commended the
Bank for being one of the few public enterprises that produces annual reports
and annual financial statements within the stipulated timeframes and obtaining
an unqualfied audit opinion in two consecutive financial years.
Meanwhile, the finance minister has urged the
Bank to take quick, decisive and deliberate action against farmers who neglect
their financial obligations as it threatens the liquidity and financial
sustainability of the Bank. The AGM was attended by the Ministers of Finance
and Public Enterprises, Agribank Board and management as well as senior
officials of the two ministries.
Issued by:
Rino Muranda
Manager: Marketing and Communication
For
enquiries, kindly contact the Marketing and Communications Division at:
Tel.: 061
2074332/Fax.: 061 2074206
Agribank disbursed N$246 million of loans in
the financial year ended 31 March 2020. Of this amount, more than N$21 million
was paid exclusively to female clients, while N$52 million went to the youth
(below 40 years of age). The bank also extended funding worth over N$15 million
to communal farmers without collateral, while over 8-thousand farmers
countrywide benefitted from training and mentorship interventions during the
same period.
The Bank continues to deliver credible
financial performance as its loan book grew by 11% to N$3.01 million in 2020
from N$2.8 million in 2019, interest income went up by 12.7% to N$243 million,
while the operating expenses went up by only 4.2% from N$136.7 million in 2019
to N$142.5 million in 2020.
The Bank listed the implementation of loan
process automation which delivers clear visibility on the application progress
tracking that enforces accountability to improve turn around times as one of
the key achievements during the past financial year. Other highlights include the
collection of over N$323 million in arrears, while the Bank continues to
feature amongst the top 25 postively communicating brands in the country.
Speaking at the virtual Annual General Meeting
in Windhoek, Agribank’s Chief Executive Officer, Sakaria Nghikembua, noted that
the Bank will continue to “preserve the business through securing sustainablesources
of affordable loan book funding. We will ensure new business growth, maintain
positive collections trajectory and prudently manage expenses while managing
provisions for bad debt”. Our focus is to diverisfy the loan book for climate
resilience and inclusivity by bringing onboard the youth, women and communal
producers”.
We are also sourcing grant funding to expand
the reach and depth of training and mentorship services, whilesustaining high performance environment.
Continouos enhancement of the brand reputation, balancing mandate
sustainability and shareholder as well as client expectations also remain high
on the agenda.
The AGM was attended by the Ministers of
Finance and Public Enterprises, Agribank Board and management as well as senior
officials of the two ministries.
Issued by:
Rino Muranda
Manager: Marketing and Communication
For
enquiries, kindly contact the Marketing and Communications Division at:
Tel.: 061
2074332/Fax.: 061 2074206
Agribank will resume the “Let’s Talk” stakeholder engagement road show as from next week with meetings scheduled for the Omusati, Oshana, Ohangwena and Oshikoto regions. The objective of the road show is to share information about the stimulus package for the stakeholders to have a better understanding of the benefits of the package and any other matter of mutual interest. It was suspended in August following the announcement of new COVID-19 regulations by President Hage Geingob, which amongst other things limited public gatherings to a maximum of 10 people,.
The road show team will be in Outapi on Monday, Ongwediva on Tuesday, Eenhana on Wednesday and Omuthiya on Thursday. The Bank will share information about its stimulus package during the morning sessions, while public lectures on selected animal husbandry topics will be conducted in the evenings.
So far, the road show has covered the Khomas, Omaheke, Otjozondjupa, Karas, Hardap, Erongo and Kunene regions. The remaining regions Kavango West, Kavango East and the Zambezi will be covered during the first week of November.
Issued by:
Rino Muranda
Manager: Marketing and Communication
For enquiries, kindly contact the Marketing and Communications Division at:
Tel. : 061 2074332
Email : info@agribank.com.na
Agribank
has appointed its Organisational Development (OD) Manager Muhindua Kaura as the
new Executive for Human Resources with effect from 1 October 2020. Kaura, who
has been with the Bank since January 2015 will succeed Selma Ambunda, who is
set to leave the Bank by the end of this month.
Meanwhile,
the Bank also appointed its Otjiwarongo Branch Control Officer Etuhole Ingo as
the Regional Branch Manager for Oshakati, effective from 1 November 2020. Ingo
is set to succeed Johannes Nekwaya, who will go on retirement after a life-long
career of distinguished service to the Bank.
Announcing
their appointments, Chief Executive Officer Sakaria Nghikembua noted that Agribank
will continue to grow leaders within the Bank, with a strong emphasis on women
in leadership.“I am particularly
pleased that we continue to grow our own timber within the Bank and giving
effect to our commitment to women leadership as well. So please join me in
congratulating Kaura as well as Ingo and in wishing them success in their new
roles at the Bank,” Nghikembua concluded.
Issued
by:
Rino Muranda
Marketing and Communication
Manager
For Enquiries, kindly contact the Marketing and Communication Division
atTel.: 061 207 4332
Email: info@agribank.com.na
Premier agricultural
lender, Agribank, has announced that it has secured funding for stimulus
production loans as part of its COVID-19 Relief and Stimulus package. The bank
announced its COVID-19 package in May this year. At the time, Agribank’s chief executive
officer, Sakaria Nghikembua, announced that the relief elements of the package
were to be implemented with effect from 1 June 2020, whilst the roll-out of the
stimulus loans would be announced as soon as funding has been secured. The
Ministry of Finance provided a guarantee for the bank to borrow N$200 million
for these stimulus loans.
In a media statement,
Nghikembua advised that clients can start applying as of Monday 21 September
for production loans in line with the bank’s COVID-19 package, adding ‘these
loans are intended to provide stimulus to the economy by supporting the
achievement of optimal production levels. They are also intended to enhance
resilience through the creation of additional income streams for farmers. Both
existing bank clients, as well as new ones, can apply for these loans. A client
need not prove any COVID-19 impact but must be in good standing with their
existing loan accounts. Normal credit assessment processes will apply. The bank
has various existing products to support production, and normal product
interest rates will apply. Clients are advised to apply at their nearest
Agribank branch.
Nghikembua concluded by
saying that stimulus loans could include loans for production inputs or for
infrastructure that supports production. Examples include loans for cropping
facilities, livestock re-stocking, charcoal production, poultry and farm
infrastructure improvement that directly supports production.
Issued by:
Sakaria Nghikembua
Chief
Executive Officer
For enquiries,
kindly contact the Marketing and Communication Division at:
Tel.:
061 2074332
Fax:
061 2074206
Loans are granted against security of fixed property, investment or any other acceptable form of security (fixed deposits, investments and surrendering value of policies). read more
No, Agribank is not a commercial bank. read more
Yes, Agribank can assist you to start farming. read more