16 Feb 2023
newly appointed Board Chairperson of the Agricultural Bank of Namibia, Mr.
Josephat Mwatotele, has announced that financial sustainability, service
delivery and socio-economic
transformation will be the key focus areas during their tenure as Board of
Directors of the Bank. Mr.
Mwatotele made the announcement during the inauguration of the revamped
Agribank Rundu offices, on Wednesday, 15 February 2023.
the occasion, the Board Chairperson stated that “for
Agribank to continue to deliver on its agriculture development mandate and
benefit as many Namibians as possible, now and for years to come,it calls for financial
Mr. Mwatotele empasised that financial sustainability requires Agribank to
stretch its limited resources in new and innovative ways (outside the
traditional areas of business); being prudent in the use of available
resources in a responsible and transparent manner including cost
management; and growing its loan book and finding new ways to grow its
capital base. In addition, the chairperson also stated that financial
sustainability also means that “clients need to honour their obligations
and ensure 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.”
From a customer service
focus will be
on service delivery.
To this end, the Bank is in the process of reviewing existing policies and
streamlining internal processes that will make it much more agile and
responsive to customer needs. Thus, creating a functional service centre, such
as the revamped Rundu office, is a good first step as provides point of
presence for facilitating such customer engagements, stated Mr. Mwatotele.
is a national development finance institution
expected to play a catalyst in addressing key national development issues
such as food security, poverty reduction and employment creation within
the agricultural space.Thus, the focus on socio-economic transformation is
on creating targeted interventions to ensure that the Bank achieve
inclusive developmental outcomes.
the same occasion, Agribank’s Chief Executive Officer, Dr Raphael
Karuaihe, reiterated the Bank’s role in the two Kavango regions, stating
that “the two Kavango regions are strategic growth centres for Agribank,
and we are confident that the visibly elevated office here will improve
our service delivery in the regions whilst creating opportunities for
growth.” The Chief Executive Officer then continued to provide an update
on loan disbursements in the two regions, indicating that the Agribank
Rundu office currently serves 316 active clients with 494 loan facilities
worth over N$154.7 million, whereby Kavango East region has the biggest
number of clients standing at 305, worth over N$151 million, while Kavango
West has 11 clients with a loan book value of N$2.9 million.
The keynote speaker at
of the revamped office, Hon.Bonifatius
Wakudumo, Governor of the Otjozondjupa region, congratulated Agribank for being the
catalyst for transformation in the agricultural sector, as embraced in its mandate. “Over the past few months, we have noticed
through various public fora that the Bank is gradually moving towards
financial inclusion, and I want to take this opportunity to applaud you
for innovating products that will address the needs of our citizens in the
outer-lying regions in particular, and of all Namibians in general,”
stated Hon. Wakudumo.
emphasis now on value addition and growth-at-home, the Bank has
accordingly realigned its strategy to ensure that it also plays a
meaningful role in this strategic objective, by offering financing of
value addition activities in the agricultural space.
Agribank’s loans can be utilized
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.
For inquiries, kindly contact the Marketing and Communications
Tel.: 061 2074111