The Namibia Special Risks Insurance Association (NASRIA) and Bank Windhoek have joined forces to make access to funding for women, youth, and SMEs easy through a Credit Guarantee Scheme facility amounting to N$50 million.

Access to finance has always been a problem or limited to many business-aspiring youths and women, hence the agreement.

The credit scheme provides vital financial support to budding entrepreneurs, aiming to stimulate innovation and be a catalyst for job creation.

NASRIA MD John Uusiku pointed out the substantial reduction in collateral requirements for qualifying SMEs under the scheme, with NASRIA providing collateral cover of up to 60% of the principal loan amount. 

This measure aims to facilitate credit access for SMEs deemed bankable but lacking adequate collateral.

Baronice Hans, Managing Director of Bank Windhoek, emphasised the importance of bridging the gap in accessing funding, particularly for businesses struggling to meet collateral requirements.

Hans affirmed Bank Windhoek's commitment to co-create more products aimed at empowering Namibian businesses, particularly those led by women and youth, to actively contribute to the country's economic growth.