News & Media

Agribank lauded for as most compliant public enterprises

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 disburse over N$246 million worth of loans

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 resumes Stakeholder information sharing roadshow

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

Appointments: Executive HR and Regional Branch Manager

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

Agribank rolls out Stimulus Production Loans

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

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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

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