Namibia: SME Bank to kick start international banking unit in 2017

Dec 28, 2016

This will enhance SMEs international trade

The SME Bank of Namibia has revealed plans to kick start international banking unit to serve Small and Medium Enterprises (SMEs) that rely on importation and exportation in their businesses. The move is to enhance international trade for SMEs. The bank which recorded tremendous growth in 2016 in its loan book also said by 2017, the bank will start the creation of more branches, introduction of credit card products and home loans in order to strengthen SMEs growth in Namibia. Having reviewed its strategic plan at the beginning of 2016, the Bank was able to achieve three goals, which are to make credit accessible, increase financial inclusion and render business support services to SMEs. In 2016, Namibia's SME Bank recorded good growth in its services and SMEs growth, experiencing increase in loan book by 80 per cent to N$566 million. The head of risk and credit at the SME Bank Emmanuel Masule, made it known that the bank also experienced growth in the number of clients with access to loans by 52 per cent to 3141 and savings and investment individuals and SME owners increased by 68 per cent to 17,500 accounts.