Trustco Bank targeting SMEs
Trustco will perhaps step in swiftly where the Development Bank of Namibia has exited, bringing much needed finance to would be and budding small and medium enterprises as its newly formed Trustco Bank gains traction.
With three strategically placed branches in Windhoek, Oshakati and Omuthiya, Trustco Bank will put a focus on SME finance as one of its areas of interest. Speaking to Trustco spokesperson Neville Basson this week on the future aspirations of Trustco Bank, it may seem the newly established bank is looking to make headwaves in its sector.
“Trustco Bank has currently three operational branches, namely Oshakati, Omuthiya and Eros branch. Trustco Bank has a focus on mortgage loans in both the traditional and affordable market. Trustco bank does provide preference to mortgage finance in the Elisenheim Estate and at Ondangwa in the north. A further focus for finance will be Small & Medium Enterprise finance. Trustco Bank shares a common set of core longer term objectives with government and a joint aspiration to assist as many entrepreneurs in Namibia via its SME lending programme,” Basson stated.
He added, “Trustco Bank will rather focus on the provision of on-line products to their clients instead of building infrastructure that comes at a huge cost. Trustco Bank recognises that the future of banking is driven by a cashless society that requires virtual channels through which clients can transact. Trustco Bank believes the way that products will be offered will differentiate them from traditional banking. Products and services will mostly be on-line and cellphone banking products. The solution to this is an enterprise-scale approach to technology that streamlines service delivery and produces both superior customer experiences and transformational efficiency gains.”
Trustco Group Managing Director Quinton van Rooyen was equally upbeat, stating, “We are entering this space to compete and offer products that are suited to the Namibian market. Trustco Bank concentrates on our own strategy and can’t speak on behalf of other banks, but the stranglehold of foreign banks over the Namibian economy over 100 years can not continue unchallenged. How foreign banks protect their bottomline is up to them,” said van Rooyen, confidently throwing down the gauntlet to the established Big 4.
Rounding off, Basson said, “Trustco Bank’s aim will be to introduce electronic banking and cellphone banking and our results demonstrate the strength of our simple, low risk business model.