DBN – a decade of love
“Among those here today, are members of the Bank’s Board of Directors. I ask you to acknowledge their dedication and foresight, which have led to this day, and the successes which will become evident. This occasion celebrates 10 years of development driven by the power of people who are committed, not just to the bank but to Namibia and its people.”
Speaking at the 10th anniversary of the DBN in the capital recently, DBN Board Chairperson Elize Angula described the first ten years of the institution as a decade of love, making reference to its small yet challenging start.
She said, “The bank started small when it waited for its first client to walk into its door and apply for a loan. It evolved, it grew to now, approaching clients in those sectors that we believe would make a substantial developmental impact. It faced risks, and absorbed them through robust governance and risk mitigation.”
She further mentioned that the Bank was an innovator in the field of provision of finance on an inclusive basis, pointing to the development of Contract-Based Finance, which provides access to finance by enabling entrepreneurs to make loans using revenue streams from projects as repayment of loans.
“I am also proud to report that as we celebrate ten years of business, DBN is viewed as one of the better performing development finance institutions in the SADC region. Significantly, this is not our own determination but that of our peers in the region,” she added.
She also highlighted DBN’s partnership with Nampost in terms of which finance was provided to enable the acquisition of technology allowing Nampost Savings Bank to increase its client base from 160,000 when the loan was made to 450,000 by the end of 2012.
Prime Minister Right Honourable Dr. Hage Geingob congratulated the institution on its 10th anniversary and urged the DBN to help the government carry out its mandate of fostering economic growth and development.
“The DBN also plays a role in fostering sustained macro-economic sustainability which is vital for enhancing business confidence and attracting further investments into Namibia. We therefore acknowledge the achievements of the past decade but need also to look ahead to the next ten years and how the DBN can enhance its role as a driver of industrial development,” he said.
Since its inception, the Bank has approved 1,446 facilities for 1,149 entities. Of the approvals, 1,228 were for SMEs. The approved loans had an estimated impact on 51,493 jobs and a value of N$4.046 billion.