FNB to strengthen its support to MSMEs

A significant proportion of the guarantee will focus on supporting those MSMEs operating in the agriculture sector to boost food security.

22 October 2021 | Business

This partnership agreement is now in place to help fellow Namibians in MSMEs countrywide, to look to the future with enthusiasm and support. Sepo Haihambo, Executive Officer: FNB Commercial


Proparco, a private sector financing arm of Agence Française de Développement Group (AFD Group), granted a EURIZ portfolio guarantee of N$ 68 million to support First National Bank (FNB) in its financing to high-impact micro, small and medium enterprises (MSMEs).

The signing ceremony took place in Windhoek on Tuesday, in the presence of representatives from Proparco, FNB Namibia, AFD, the French Embassy and the EU Delegation to Namibia.

FNB Namibia is a long-standing partner of Proparco, and AFD Group, having already benefited from two portfolio guarantees in 2011 and 2014.

In a media statement, FNB notes that Proparco seeks to contribute to the bank’s effort in supporting MSMEs operating in key sectors such as agriculture, health, education and climate, as well as youth-owned SMEs, women-owned SMEs, and start-ups.

A significant proportion of the guarantee will focus on supporting those MSMEs operating in the agriculture sector, in an effort to contribute to Namibia’s food security objectives. The guarantee will be coupled with a technical assistance facility designed to provide the financial institution’s MSME customers with capacity building support, the statement reads.


FNB did not specify the application procedures, nor did they outline the requirements the MSMEs should meet in order to access credit. Market Watch tried to reached out to FNB, however, efforts went unsuccessful.

Launched in May 2019 with the support of the European Union and the European Development Fund, and the Organization of African, Caribbean and Pacific States (OACPS), the EURIZ guarantee aims to facilitate access to credit for MSMEs, in particular in sectors with a high development impact, in order to help them play their essential role in economic growth and job creation. It also forms part of Choose Africa, the French initiative dedicated specifically to African entrepreneurs and MSMEs, the statement added.

By working with local financial institutions, AFD Group contributes to strengthening financial markets and plays a counter-cyclical role by increasing funding for local economic actors so that they are more likely to overcome the consequences of the Covid-19 crisis. In doing so, the project promotes local private sector development for sectors and segments that are essential in achieving sustainable and inclusive economic growth.

Speaking at the event, Sepo Haihambo, executive officer for FNB Commercial said, “given our position as the leading financial services provider in Namibia, we understand that we have a responsibility to deliver both financial value and positive social outcomes for multiple stakeholders. These principles underpin the bank’s view that we must intentionally use core business activities, including our role in allocating capital to small business owners, particularly women, to add value to society. This partnership agreement is now in place to help fellow Namibians in MSMEs countrywide, to look to the future with enthusiasm and support”.

Similar News


Flurry of top appointments, re-appointment

1 day - 06 December 2021 | Business

Leoni Dunn has made history as the first woman to be appointed as the second deputy governor of the Bank of Namibia (BoN). Dunn was...

Company news in brief

1 day - 06 December 2021 | Business

Abba sues over Abba ManiaThe Swedish pop supergroup Abba on Friday filed a lawsuit to stop a British cover band known as Abba Mania from...

Hilia Hitula continues to achieve milestone after milestone

4 days ago - 03 December 2021 | Business

Rivaldo Kavanga Urban planner Hilia Hitula says it has always been a dream to work in the urban planning profession. “Right from matric...

A long span dealing with sales

4 days ago - 03 December 2021 | Business

Wetumwene Shikage With extensive knowledge in retail and distribution, Trofimus Paulus’s experience spans over 22 years of sales in the clothing, insurance and motor...

Dedicated to understand their client’s business objectives

4 days ago - 03 December 2021 | Business

Desiree GasesSiku Investment was founded in 2013 by Sindano Katali with its primary business in events management and décor hire. In 2015 they expanded their...


4 days ago - 03 December 2021 | Business

ExxonMobil aims to double profits ExxonMobil released a plan Wednesday that aims to double oil company's profits by 2027 as it expands lower-emissions investments while...


4 days ago - 03 December 2021 | Business

The UX presents Lexus’ innovative luxury and safety in a package that combines bold design and an ultra-efficient powertrain. Lexus UX launched in 2019 in...

Nissan Navara takes off with high sales

4 days ago - 03 December 2021 | Business

Nissan South Africa (SA) announced sales figures for the all-new Navara, which launched in the SA market in July. In just four months, vehicle sales...

B2Gold donates food parcels worth over N$ 300 000

4 days ago - 03 December 2021 | Business

Enzo AmueleOtaviB2Gold Namibia celebrates two events with the Otavi community every year. namely the Otavi elderly Christmas lunch and Disability Day. The events are intended...

Young businesses receive capital injection

4 days ago - 03 December 2021 | Business

Iréne-Mari van der WaltAfter months of learning and interaction, eight businesses pitched their business concepts to a panel of four judges in hopes of winning...

Latest News

My Maths Workbook

4 hours ago | People

Enzo Amuele Michael Mbatjavi Kambahepa hails from Outjo but is stationed at Okakarara. He completed high school in 2011 at Outjo Secondary School...

Unvaccinated reversing progress, says Geingob

4 hours ago | Health

HENRIETTE LAMPRECHT WINDHOEKA fuming president Hage Geingob yesterday said those who are not vaccinated against Covid-19 are undermining government's efforts...

EDITORIAL: President must stick to...

4 hours ago | Opinion

It is often said with age comes wisdom. But, as conventional wisdom itself would have it, one can only grow wiser up to a particular...

Slang of the week:

4 hours ago | Others

Bet- Bet is simple term indicating agreement.Example: Want to go to the movies? ...


4 hours ago | Others

Pride Parade 2021Loud and proud to be free and in love. The 2021 Pride parade took place in the capital city on 04 December. The...

Improving the lives of children...

4 hours ago | Others

Rivaldo Kavanga The United Nations Children's Fund (Unicef) on Monday, 29 November, donated educational supplies, supplementary food items and health food items to the...

Vox Pop: My Zone went...

4 hours ago | Opinion

Aune Shingenge Grade 7 – 12 years oldFor December I am not planning on going anywhere because of Covid-19. Basically, I will be isolated in...

Creating awareness

4 hours ago | Others

Enzo Amuele This year’s World AIDS Day was celebrated in the Kunene Region at Outjo’s Etosha Port Sports field under the theme: ‘End...

Building African champions

4 hours ago | Africa

Monique Adams The African Union’s International Centre for Girls and Women’s Education in Africa (AU/CIEFFA) is a specialised institution established for the promotion and...

Load More