MR_Socio economic transformation through investment in agriculture

Namibia’s premier agricultural lender, Agribank, recently announced the winners in the first round of the Bank’s women and youth loan scheme Facebook selfie competition. The competition started in October 2020 and runs until the end of April this year. The competition aims to raise awareness about women and youth in agriculture and how their needs are fulfilled by the bank’s products and services throughout all seasons. The competition is applicable to women of all ages with a minimum of 18 years and youth agricultural entrepreneurs between the ages of 18 and 35 years as well as agricultural professionals of all ages..

Hileni Namwandi (26) from Omuntele in Oshikoto region scooped the first prize of a N$10,000 voucher. Namwandi farms with chicken and pigs and started a garden where she grows spinach and tomatoes. She plans to buy seeds and other production inputs with her prize money.
Peneyambeko Ndapandula Nghifikwa (29) from Windhoek who received N$5,000 has always dreamt of becoming a successful farmer. She currently runs two small poultry productions, one at her village of Okelemba in northern Namibia and another in Windhoek’s Havana informal settlement. Nghifikwa plans to buy more feed and drinkers for her poultry project as well as some material for the chicken coops.

Teopolina Uukunde Taukeni (30) from Omungwelume in the Ohangwena region received N$3,000 as the second runner up. Taukeni started a backyard garden to feed her family and grows spinach, tomatoes, beetroot, watermelon, sweet melon, eggplants, cucumber, pumpkins, lettuce and butternuts. She plans to buy shade nets with her prize money.
Eligible participants are required to take agricultural selfies while in full production, working in their fields or garden, feeding or heading their livestock, vaccinating or marketing their produce among other things. They are then required to upload those selfies with a brief description on their timelines and tag the Agribank Facebook page, before they invite their friends to like, comment and share their posts. Top three selfies that will generate more engagements are declared winners.

Issued by:
Rino Muranda
Manager: Marketing and Communication
For enquiries, kindly contact the Marketing and Communication Division at:
Tel.: 061 2074332
Fax: 061 2074206 Email: info@agribank.com.na

Agribank inaugurated its newly relocated regional office in Katima Mulilo on Friday, to improve its client experience as well as to ensure conducive working environment for staff when servicing farmers and potential farmers in the Zambezi region. Though the Bank has been operational for some years in the town, the new office elevates the Bank’s visibility and accessibility to clients and other stakeholders.

In his speech that was read on his behalf by Peter Mwala, Zambezi Regional Governor Lawrence Sampofu said the opening of the new Agribank office in Katima Mulilo is a welcome expression of the trust and confidence that Agribank has in the economic potential of the town and the region at large. Sampofu therefore urged the residents of the Zambezi region, particularly women and youth to make use of the office and utilize the services that are brought at their doorsteps. “I am pleased to learn that Agribank has recently introduced the women and youth scheme, with relaxed conditions. It is my hope that more young people and women from this region will take advantage of this scheme and become producers of note. The Zambezi region is endowed with sufficient fertile land and water and if you add productive youth and women to this equation, we can make our region the breadbasket of our country,” Sampofu said.

On his part, Agribank Chief Executive Officer Sakaria Nghikembua highlighted the Bank embarked on a transformation journey a few years ago that encompasses the transparency, excellent corporate governance, employee development as well as socio-economic transformation. “We are the best governed state-owned enterprise in Namibia, I can go on record and say that. We have very good record of risk management approaches and systems, strong internal controls, we comply with procurement policies of government and that is very important to us, if the institution is properly governed then the sustainability is ensured,” he said.

Meanwhile, the Bank’s Chairperson Michael Iyambo expressed gratitude on Bank’s interventions in the region which includes agri-advisory services and trainings that saw 682 farmers benefiting in the region. Iyambo appealed to the local staff to continue rendering superior customer service, ensure accountability and extend professional courtesy to all stakeholders. “If we live by these values, I am sure that we will cement our position as the leading public enterprise in service delivery in Namibia while fulfilling our notable mandate in making a developmental impact,” he concluded. The inauguration ceremony was attended by the acting Governor of the Zambezi region Peter Mwala, Katima Mulilo Mayor Charles Matengu, Agribank Board Chairperson and senior management as well as other stakeholders in the region.

Issued by:
Rino Muranda
Manager: Marketing and Communication

For enquiries, kindly contact the Marketing and Communication Division at:
Tel.: 061 2074332
Fax: 061 2074206 Email: info@agribank.com.na

Agribank launched the women and youth loan scheme in Windhoek yesterday, with relaxed conditions to encourage participation and enhanced financial inclusion. The majority of women are unable to access affordable financing for farming purposes, while current financing for the youth is not at an optimal level, thus the Agibank women and youth scheme is flexible in that it provides relaxed conditions for funding. The purpose of the scheme is to promote financial inclusion, economic empowerment, employment creation as well as to stimulate Namibia’s econonmic growth. Eligible candidates that are set to benefit from this scheme are women and young Namibians or permanent residents aged between 18 and 35 years. The entry age is capped at 18 years and in case of partnerships, 80% of partners should be between the age of 18 to 35 years in order to qualify. In case of limited companies, 80% of the directors are required to be between the same age threshold, while the age limit for women as well as professionals in the agriculture and related fields is not limited.

Other requirements of this scheme include business registration, licenses or permits as well as certificate of incorporation, memorandum and articles of association and identification documents for all the directors. New and existing businesses are eligible, subject to financial viability and development impact. The target group can benefit from all Agribank loan products with the exception of debt take-over and debt consolidation, but preference will be given to climate resilient projects, agro-processing, poultry and intensive farming projects.

Speaking at the launch of this scheme, the Deputy Minister of Information and Communications Technology (MICT), Hon. Emma Theofelus commended Agribank for intiating the women and youth scheme noting that these financial solutions are developmental in nature and government as the shareholder of Agribank is pleased with the launch of this scheme. “It’s pleasing to know that Agribank has taken a bold step to encourage women and youth by designing a scheme that furthers the objectives of financial inclusion as you all are aware that agriculture is the backbone of our economy and source of sustenance of many livelihood in Namibia,” she said. She therefore urged women and youth to utilize this opportunity provided by Agribank to empower themselves and become succesful agripreneurs. “Let’s show our elders that we too can make a difference and that we can take up farming as a business, not only to sustain ourselves but contribute to the national food security as well,” she concluded. The product launch was officiated by MICT deputy minister Hon. Theofelus, and was attended by Agribank Chairperson Mr Micheal Iyambo, Management in the Bank as well as key stakeholders in the industry, with live performance by award winning Namibian artists Gazza, Adora and Suzy Eises.

Issued by:
Rino Muranda
Manager: Marketing and Communication

For enquiries, kindly contact the Marketing and Communication Division at:
Tel.: 061 2074332
Fax: 061 2074206 Email: info@agribank.com.na

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

Agribank Head Office closure