More clients benefit from Agribank loans in 2023 compared to 2022

Agribank Manager of Marketing and Communication Rino Muranda said the bank significantly boosted its loan disbursements in 2023 compared to the previous year.

Muranda said during the financial year ending 31 March 2023, 564 clients benefited from the bank’s loans, up from 440 clients the prior year.

Muranda made these remarks in a statement issued on Sunday following Agribank’s Annual General Meeting held in Windhoek on 27 September 2023.

The event was a platform to showcase the bank’s accomplishments and present a strategic plan that will shape the future of the institution.

“During the above mentioned financial year, Agribank significantly boosted its loan disbursements, reaching over N.dollars 284 million compared to the previous year’s N.dollars 194 million,” he said.

Land purchases he states, continued to dominate the loan allocations, amounting to N.dollars 98.2 million and covering 134 122 hectares in the financial year 2023.

This he added is a considerable increase from N.dollars 55.1 million and 57 965 hectares in the financial year 2022.

Muranda said livestock purchases also saw a rise, reaching N.dollars 76.8 million in the financial year 2023 compared to N.dollars 52.2 million the previous year.

“Loans extended to women increased to N.dollars 55.4 million from N.dollars 30.1 million in 2022, while youth loans rose to over N.dollars 30.6 million in the financial year 2023, from N.dollars 20.5 million in the prior year,” he noted.

The bank supported full time communal farmers without collateral through its Emerging Retail Financing Product, providing over N.dollars 25.2 million, up from N.dollars N.dollars 12.6 million in the prior fiscal year, he further stated.

Additionally, the no collateral scheme backed by salaries aided employees engaging in part-time farming with N.dollars 13.5 million disbursed in the financial year 2023 compared to N.dollars 10.1 million during the financial year 2022.

Muranda applauded Agribank’s financial performance indicating the company is encouraged by the sales and collection efforts that are on an upward trajectory, despite operating in a difficult environment.

Source: The Namibian Press Agency