This follows this year's budget allocation by its shareholder, the government of
The bank has revealed plans to expand its outreach to all the regions, where phase one will involve the opening of three branches in Katutura, Ongwediva and Rundu.
"The plans have already been finalised and we are now awaiting formalisation of the processes by the respective regulator, that is the (
One such problem has been lack of own contribution towards cost of proposed businesses.
"Most applicants do not have viable or bankable business plans. Secondly, those already in business, do not have financial records to demonstrate a good track record."
But Mumvuma is satisfied with the repayment of loans to date, a move he attributes to tight monitoring and control measures on all borrowers.
"As you know, SMEs are traditionally and generally perceived as high risk. What they need is a developmental approach whereby they can be supported with medium to long term funding. That is what we seek to achieve, now that we are having institutional and public support from different sectors," he concluded.
Mumvuma says the Bank's great prospects have been buoyed by the fact that it is now gearing towards its 1000th client.
"In a one and half year existence, we now have close to 5 000 customers making bank deposits and are nearing our 1000th client on loan service. This is underpinned by the branch roll out. The Bank has plans to have representation in the long term in all 14 regions of the country. That the Bank has assisted over seven hundred clients since inception with a total value of N$40 million is evidence that we are stabilizing in terms of public confidence as demonstrated by the public support from depositors and institutional investors. The deposit base of the Bank and customer accounts are increasing at a good pace and we are quite confident that with our planned branch network the
In addition, the
NamClear enables banks to use the cheque payment system and the Electronic Funds Transfer system, which the
The Bank provides special attention to projects of
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