The First National Bank, in collaboration with the Ministry of Finance and Public Enterprises through the Bank of Namibia, has undertaken to address the longstanding financial issue for small and medium enterprises in the |Khomas Region.
This was revealed by the Governor of the |Khomas Region Laura Mcleod-Katjirua, at the re-launch of the SMEs Value Proposition and Credit Guarantee Scheme.
The initiative aims to cater to the needs of a wide range of businesses, from start-ups to established firms seeking to expand their operations, and also equip entrepreneurs with the financial support they need to grow their businesses.
According to the FNB Regional Commercial Manager of the Central Cluster, Jeffrey Katjivena, the bank is committed to delivering innovative financial solutions to SMEs.
"We recognise the enormous potential that SMEs possess, and we are dedicated to providing them with the necessary tools and resources they need to start, run, and grow their businesses successfully."
Katjivena noted that SME clients need guidance, hence the structured value propositions to address their unique needs at each phase of growth.
"In the startup stage, we encourage SMEs to bank fully with FNB and build a track record. By putting all their money into our digital platform, we can assist them in building their track record and behaviour scores. This will further enable them to access credit more easily, and we are confident that this approach will be successful as we have already piloted this method through our Score Credit Programme, which has yielded excellent results."
The focus is on the future of banking, so they are looking beyond the traditional banking model and exploring ways in which they can offer further support to SMEs.
"We understand that managing a successful business means more than just banking, and we want to go beyond that by offering our solutions that go beyond banking. It is for that reason that we have expanded our value propositions to cover transaction banking, ensuring, borrowing, and investing. These are the key pillars that FNB is focusing on, with more products and solutions being added all the time."
The Governor of the |Khomas Region, Laura Mcleod-Katjirua, said the repurposing of FNB's SME value propositions will provide local businesses with enhanced access to financial services, tailored solutions, and industry expertise.
"Furthermore, this initiative holds immense potential to revitalise and transform our economy. SMEs are the backbone of any thriving nation. They facilitate job creation, drive innovation, and contribute to overall economic development. By providing them with the means to flourish, FNB is playing a significant role in unlocking the full potential of our SME sector."
Not only will this initiative provide a financial solution, but it will also facilitate networking opportunities and provide access to mentorship and training resources.