Agribank has extended N$22.8 million to farmers in the northern regions in this current financial year.
Of this amount, N$6.9 million is allocated to the Oshana Region.
Speaking at the official inauguration of Agribank's northern branch at Ongwediva, Chief Executive Officer, Dr Raphael Karuaihe, highlighted the bank's goal to advance agriculture by providing affordable and sustainable financial solutions in livestock acquisition, farm improvements, and seasonal production inputs.
Dr. Karuaihe explained that the aim is to build a stronger relationship and foster collaborations among farmers while ultimately driving success in the agricultural sector in the northern part of the country.
He, however, expressed disappointment that despite their efforts to lure women farmers, they are still lagging behind compared to their male counterparts.
"It is somewhat disappointing to note that loans advanced to males are valued at N$2,046,139.00 compared to N$271,590.00 for females in the Oshana Region. This suggests the need for stakeholder collaboration across the value chain to integrate women and youth in the mainstream agriculture economy."
He says Agribank remains dedicated to empowering its clients through capacity building at no cost, and farmers are encouraged to capitalise on that.
To address the effects and challenges posed by drought, they also rolled out drought relief subsidies, including instalment relief for farmland and livestock loan accounts and waiving penalty interest for all the clients in arrears for the current financial year.
N$197 million was put aside to assist Agribank clients during the challenging period of drought.
Agribank also introduced a range of tailor-made financial schemes for communal farmers, such as the Namibia agriculture credit programme, salary-backed loans, and the women and youth financial scheme.
"Under the guidance of our five-year financial plan, the bank has concentrated on several key areas. These include ensuring the financial sustainability of the bank through prudent expense management, boosting sales growth, and focussing on collection and arrears management."