Agribank breaks ground with mobile banking initiative for rural access
Agricultural lender, Agribank is set to launch its innovative Branch-on-Wheels initiative to enhance financial inclusion and accessibility of its loan products.
Scheduled to kick off in February, this mobile banking project aims to bring Agribank services closer to clients, catering to both existing and potential customers.
The rollout of the Branch-on-Wheels will follow a strategic schedule, covering various towns to ensure widespread coverage.
The initial locations and dates include Tsumeb from 5-9 February, Opuwo from 19-23 February, Karasburg from 3-5 March, Bethanie on 7-8 March, and Gochas from 17-19 March. Operating hours will be from 08:00 to 17:30 in all areas.
Hildegardt Martin, the Bank’s Executive: Sales, emphasized the significance of the Branch-on-Wheels concept in overcoming geographical barriers.
She stated, “The Branch-on-Wheels will go to the customer, breaking geographical barriers that hamper farmers/clients to access funding from Agribank, to realize their farming potential.”
To ensure comprehensive coverage, a dedicated Branch-on-Wheels team will be assigned to each of the eight branches of the Bank. This strategic approach aims to reach a broader customer base in remote towns, providing enhanced convenience for clients.
Rino Muranda, Agribank’s Manager: Marketing and Communication, encouraged clients to engage with competent staff during the scheduled visits. The mobile branches will offer services such as accepting loan applications, general inquiries, information sharing, printing of statements, updates on loan application status, and possible loan approvals.
Muranda highlighted Agribank’s competitive offerings, including fixed interest rates as low as 4% for specific loan products and flexible repayment options aligned with the cash flow of agri-enterprises. The Bank serves a diverse range of farmers, covering commercial, communal, emerging, and resettled farmers. Agribank’s loan products span various categories, including vehicle and tractor loans, salary-backed/no collateral loans, horticulture production loans, and farming infrastructure and implements loans.
Agribank meanwhile has also introduced targeted schemes such as the women and youth scheme, providing relaxed terms and conditions in favor of women and the youth.
