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