Agribank accommodates farmers

25 November 2021 | Agriculture

ELLANIE SMIT



WINDHOEK

Agribank collected more than N$360 million through its accommodative loan collection approach during the 2020/2021 financial year.

The bank has a mandate of lending money to individuals, business entities or financial intermediaries for the promotion of agriculture and related activities in the country.

“Given the said mandate, loan collection becomes a key priority area of the bank, to ensure financial stability.”

According to the bank, the accommodative strategy turns out to be helpful, especially during the current subdued economic environment, which is exacerbated by the Covid-19 pandemic.

It said as a result of such an efficient and accommodative collection strategy, the bank collected an amount of N$365 million during the 2020/2021 financial year.

This represents an increase of 13% in comparison to the previous year.

“Amongst others, the approach involves proactiveness in communicating with a client for early problem and risk identification, flexible workout and repayment options and platforms, and close monitoring of loan performance as well as client support services.”

Relief measures

Agribank said over the years, farmers have benefitted from this accommodative approach.

Last year, it extended Covid-19 relief measures to its clients for a period of one year, from May 2020 to May 2021. Consequently, 425 clients approached the bank and restructured their loans, with a total outstanding balance of N$836 million.

“Agribank continues to assist farmers on a case-by case basis to mitigate the impacts of the ever-changing operating environment and therefore calls upon clients facing difficulties in servicing their loans to proactively approach the bank with alternative repayment arrangements.”

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