Agribank collects N$365 million in debts in 2020/21
Agribank collected N$365 million in debts in 2020/21, a 13% increase from the N$323 million in the previous year.
Agribank, which has a mandate of lending money to individuals, business entities or financial intermediaries for the promotion of agriculture, said this is largely due to its flexible repayment arrangements.
“Amongst others, the approach involves proactiveness in communicating with a client for an early problem and risk identification, flexible workout and repayment options and platforms, and close monitoring of loan performance as well as client support services,” Agribank spokesperson, Fillemon Nangonya said.
Over the years, farmers have benefited from this accommodative approach by Agribank. Last year, Agribank extended COVID-19 relief measures to its clients for a period of one year, from May 2020 to May 2021.
Consequently, 425 clients approached the Bank and restructured their loans, in line with the extended relief measures, with a total outstanding balance of N$836 million.
