Agribank's Otjozondjupa loan book at N$1.1b
Agribank Otjiwarongo office revamped
Agribank serves over 2 700 clients on its loan book in the Otjozondjupa region, of which the majority are from Otjiwarongo and surrounding areas.
The Agricultural Bank of Namibia (Agribank) loan book for the Otjozondjupa Region stands at over N$1.1 billion.
This is according to the bank, which last week inaugurated its revamped Otjiwarongo office in the region, a development aimed at enhancing customer experiences and brand visibility in line with the bank’s strategic plan.
Agribank has another office in the region, located in Grootfontein.
Agribank serves over 2 700 clients on its loan book in the region, of which the majority are from Otjiwarongo and surrounding areas.
Clear potential
According to the bank, the Otjozondjupa Region lies at the centre of a highly potential agricultural area of the country, which flourishes in both livestock and crop farming.
The Agribank Otjiwarongo office has financed over N$1.8 million to full-time communal farmers, without collateral, through the Emerging Retail Financing Product (ERFP).
"The office also paid over N$10.7 million to 13 beneficiaries of the newly introduced Women and Youth Loan scheme."
According to the bank, the top three loan products in the region that it financed are land for beginners, full-time affirmative action loans, and livestock loans.
Agribank’s loans can be utilised 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.
Continued innovation
The bank also intends to diversify its loan book for climate resilience and inclusivity, as well as embed automation and operational efficiencies within the bank to sustain a high-performance environment and enhance brand reputation, while also balancing the mandate for sustainability and shareholder, policymaker, and client expectations.
Governor of the Otjozondjupa Region, James Uerikua, said the overhaul of the Otjiwarongo office is a welcome expression of the trust and confidence that Agribank has in the economic potential of the town and the entire region.
Uerikua called on Agribank to continue with its strategic role in contributing to food security, employment creation, and land reform efforts of the government.
The deputy board chairperson of Agribank, Dagmar Honsbein, reiterated the bank’s position of expanding its footprint, saying that they have laid a solid foundation to ensure that the bank’s impact is felt across the length and breadth of Namibia.
"We will continue to offer innovative financial solutions to both communal and commercial farmers, from production to value addition."
Growth strategy
Agribank’s CEO, Dr Raphael Karuaihe, said that over the past five years, Agribank has embarked on a journey not only to transform the institution to become the pinnacle of corporate governance and service delivery efficiencies, but also to ensure that it plays a meaningful role in catalysing the transformation and growth of the agricultural sector through the adoption of a clear strategic plan.
According to the bank, its five-year strategic plan focuses on preserving the business in a difficult operating environment; securing sustainable sources of affordable loan book funding; new business growth; maintaining sustainable collections trajectory; maintaining prudent expense management; and robustly managing provisions for bad debt.
This is according to the bank, which last week inaugurated its revamped Otjiwarongo office in the region, a development aimed at enhancing customer experiences and brand visibility in line with the bank’s strategic plan.
Agribank has another office in the region, located in Grootfontein.
Agribank serves over 2 700 clients on its loan book in the region, of which the majority are from Otjiwarongo and surrounding areas.
Clear potential
According to the bank, the Otjozondjupa Region lies at the centre of a highly potential agricultural area of the country, which flourishes in both livestock and crop farming.
The Agribank Otjiwarongo office has financed over N$1.8 million to full-time communal farmers, without collateral, through the Emerging Retail Financing Product (ERFP).
"The office also paid over N$10.7 million to 13 beneficiaries of the newly introduced Women and Youth Loan scheme."
According to the bank, the top three loan products in the region that it financed are land for beginners, full-time affirmative action loans, and livestock loans.
Agribank’s loans can be utilised 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.
Continued innovation
The bank also intends to diversify its loan book for climate resilience and inclusivity, as well as embed automation and operational efficiencies within the bank to sustain a high-performance environment and enhance brand reputation, while also balancing the mandate for sustainability and shareholder, policymaker, and client expectations.
Governor of the Otjozondjupa Region, James Uerikua, said the overhaul of the Otjiwarongo office is a welcome expression of the trust and confidence that Agribank has in the economic potential of the town and the entire region.
Uerikua called on Agribank to continue with its strategic role in contributing to food security, employment creation, and land reform efforts of the government.
The deputy board chairperson of Agribank, Dagmar Honsbein, reiterated the bank’s position of expanding its footprint, saying that they have laid a solid foundation to ensure that the bank’s impact is felt across the length and breadth of Namibia.
"We will continue to offer innovative financial solutions to both communal and commercial farmers, from production to value addition."
Growth strategy
Agribank’s CEO, Dr Raphael Karuaihe, said that over the past five years, Agribank has embarked on a journey not only to transform the institution to become the pinnacle of corporate governance and service delivery efficiencies, but also to ensure that it plays a meaningful role in catalysing the transformation and growth of the agricultural sector through the adoption of a clear strategic plan.
According to the bank, its five-year strategic plan focuses on preserving the business in a difficult operating environment; securing sustainable sources of affordable loan book funding; new business growth; maintaining sustainable collections trajectory; maintaining prudent expense management; and robustly managing provisions for bad debt.
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