{"id":57530,"date":"2023-11-03T17:06:07","date_gmt":"2023-11-03T17:06:07","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/agriculture-agribank-loans-to-women-increase-to-n55-4-million"},"modified":"2023-11-03T17:24:45","modified_gmt":"2023-11-03T17:24:45","slug":"agriculture-agribank-loans-to-women-increase-to-n55-4-million","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/agriculture-agribank-loans-to-women-increase-to-n55-4-million","title":{"rendered":"Agriculture – Agribank loans to women increase to N$55.4 million"},"content":{"rendered":"

Otniel Hembapu<\/b><\/p>\n

Africa-Press – Namibia. <\/strong><\/span>Agribank, the country\u2019s premier agricultural lender, continues to make tremendous inroads in the area of women and youth empowerment through the deliberate diversification of its loan book, which saw female farmers receive a decent share of loans as per records of 31 March 2023.<\/p>\n

Generally, the bank significantly boosted its loan disbursements, reaching over N$284 million in loans, compared to the previous year\u2019s N$194 million. Notably, 564 clients benefitted from these loans \u2013 up from the 440 recorded in the prior year.<\/p>\n

Amongst the beneficiaries, a great share of those loans went to female and youth farmers countrywide, who were all supported through an assortment of loan products and expertise by the bank.<\/p>\n

For the first quarter of 2023, loans extended to women farmers increased to N$55.4 million from N$30.1 million recorded in 2022, while youth loans rose to over N$30.6 million in 2023 from N$20.5 million in the prior year.<\/p>\n

To improve inclusion and access to its various lending facilities, the bank supported full-time communal farmers without collateral through its Emerging Retail Financing Product, providing over N$25.2 million \u2013 up from N$12.6 million in the prior fiscal year.<\/p>\n

Additionally, the no-collateral scheme backed by salaries aided employees engaging in part-time farming, with N$13.5 million disbursed in 2023, which is an increase of N$10.1 million reported during 2022.<\/p>\n

In terms of helping farmers expand their operations through the acquisition of land, the bank disbursed loans amounting to N$98.2 million in that regard, which in total saw farmers buying land worth a combined 134 122 hectares in 2023, a considerable increase from N$55.1 million and 57 965 hectares in 2022.<\/p>\n

Livestock purchases also saw an increase, reaching N$76.8 million in 2023, compared to N$52.2 million the previous year.<\/p>\n

Groups and companies accounted for 23%, which include males and females. In terms of loans advanced by age, 35% of the loans were taken up by individual farmers under the age category of 31-40 years.<\/p>\n

This demonstrates the bank\u2019s efforts to deliver on its socio-economic mandate through targeted and special financing solutions to attract the participation of women and youth in the agriculture sector.<\/p>\n

As the private sector credit extension picked up, Agribank observed an increase in the agricultural extension market share of 46% in the first quarter of 2023, compared to 45% in the prior year.<\/p>\n

The increase could be attributed to the competitive loan terms offered by Agribank amidst a rising interest rate environment.<\/p>\n

Agribank\u2019s CEO Raphael Karuaihe, speaking on the bank\u2019s operational success, noted that prudent expenses management, enhanced momentum on sales growth and the sales automation initiatives were key focus areas during the period under review.<\/p>\n

He added that going forward, the bank will focus on strengthening engagements with the shareholder, forging strategic partnerships across the agricultural value chains, developing a sustainable funding model, enhancing collection and arrears management, auctions prevention strategy, aligning product innovation and inclusion, as well as compliance with the public enterprises\u2019 governance act.<\/p>\n

Agribank is a State-owned enterprise with the mandate to promote the growth and development of agriculture through affordable and innovative financing.<\/p>\n

The bank has been operating in Namibia for over 25 years and has over eight branches countrywide in places like Katima Mulilo, Mariental, Oshakati, Otjiwarongo, Rundu, Windhoek, Gobabis and Grootfontein.<\/p>\n

The bank\u2019s clients are commercial farmers, communal farmers, emerging commercial and resettled farmers, cooperative societies, individuals, companies and partnerships, trusts and control boards established through the marketing Acts.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Otniel Hembapu Africa-Press – Namibia. Agribank, the country\u2019s premier agricultural lender, continues to make tremendous inroads in the area of women and youth empowerment through the deliberate diversification of its loan book, which saw female farmers receive a decent share of loans as per records of 31 March 2023. Generally, the bank significantly boosted its […]<\/p>\n","protected":false},"author":84,"featured_media":57529,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-57530","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nAgriculture - Agribank loans to women increase to N$55.4 million - Namibia<\/title>\n<meta name=\"description\" content=\"Agribank, the country\u2019s premier agricultural lender, continues to make tremendous inroads in the area of women and youth ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/agriculture-agribank-loans-to-women-increase-to-n55-4-million\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Agriculture - 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