Promoting financial literacy among small businesses
First National Bank of Namibia (FNB), in partnership with the Namibia Revenue Agency (NamRA), hosted a festival on Saturday at the Oshakati Open Market to educate small and medium business communities on financial literacy initiatives.The festival was geared towards enhancing financial literacy among micro, small and medium enterprises (MSMEs).
FNB’s head of business banking, Tomas Koneka Iindji, said MSMEs, “as the backbone of society, significantly contribute to the national economy by sustaining livelihoods, in particular among the underprivileged, women, youth and vulnerable groups.
“Today, more than ever, small businesses need support, as they navigate the impacts of the Covid-19 pandemic, economic challenges, and the climate crisis. They are the hardest hit by these multiple shocks and, at the same time, play a critical role in our nation’s economic recovery,” he said.
Special focus
Iindji said this is one of the reasons why FNB Namibia jumped at the opportunity to partner with the finance and public enterprises ministry, and the Bank of Namibia (BON) on the SME economic recovery loan scheme, which is aimed at stimulating economic growth by providing additional funding to small and medium businesses.
“We believe that this scheme allows us to continue honouring our obligations to our customers while using our credit extension capabilities as a conduit for government’s support of businesses. This partnership will help Namibia to decisively respond to genuine economic recovery initiatives and provide additional funding to qualifying businesses to grow the Namibian economy and foster job creation within the country,” he said.
Iindji added that this decision was taken to demonstrate FNB’s commitment to leveraging the SME economic recovery loan scheme as an invaluable SME support mechanism. This financial support will allow many businesses to optimise their operations to withstand the current economic pressures.
He said FNB will continue to prioritise the provision of the SME economic recovery loan scheme as the default term lending solution for business clients with an annual turnover of up to N$60 million.
Business wise
FNB Namibia, as an active member of the Financial Literacy Initiative (FLI), contributes N$200 000 annually to help start-up businesses acquire the funding they need.
Iindji said he expects FNB customers to make the most of this opportunity to expand their businesses, network with like-minded people, and attract potential investors.
He said he hopes that the event will encourage the next generation of new business owners to follow their dreams and contribute significantly to the economy of the country.
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FNB’s head of business banking, Tomas Koneka Iindji, said MSMEs, “as the backbone of society, significantly contribute to the national economy by sustaining livelihoods, in particular among the underprivileged, women, youth and vulnerable groups.
“Today, more than ever, small businesses need support, as they navigate the impacts of the Covid-19 pandemic, economic challenges, and the climate crisis. They are the hardest hit by these multiple shocks and, at the same time, play a critical role in our nation’s economic recovery,” he said.
Special focus
Iindji said this is one of the reasons why FNB Namibia jumped at the opportunity to partner with the finance and public enterprises ministry, and the Bank of Namibia (BON) on the SME economic recovery loan scheme, which is aimed at stimulating economic growth by providing additional funding to small and medium businesses.
“We believe that this scheme allows us to continue honouring our obligations to our customers while using our credit extension capabilities as a conduit for government’s support of businesses. This partnership will help Namibia to decisively respond to genuine economic recovery initiatives and provide additional funding to qualifying businesses to grow the Namibian economy and foster job creation within the country,” he said.
Iindji added that this decision was taken to demonstrate FNB’s commitment to leveraging the SME economic recovery loan scheme as an invaluable SME support mechanism. This financial support will allow many businesses to optimise their operations to withstand the current economic pressures.
He said FNB will continue to prioritise the provision of the SME economic recovery loan scheme as the default term lending solution for business clients with an annual turnover of up to N$60 million.
Business wise
FNB Namibia, as an active member of the Financial Literacy Initiative (FLI), contributes N$200 000 annually to help start-up businesses acquire the funding they need.
Iindji said he expects FNB customers to make the most of this opportunity to expand their businesses, network with like-minded people, and attract potential investors.
He said he hopes that the event will encourage the next generation of new business owners to follow their dreams and contribute significantly to the economy of the country.
[email protected]
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